New economic partnerships on green technologies will be needed in the European Union to meet climate and net emission targets by 2030 with the irreversible plunge in demand for gas, coal and oil, according to a report by the EU-based think tank Strategic Perspectives on Tuesday.
The report, which describes the potential socio-economic effects of achieving the EU’s climate target, reveals that the potential benefits can be fulfilled if governments implement the laws to reach a net emission reduction of at least 55% by 2030.
'Countries seeking to export gas, coal and oil to the EU should not fool themselves: consumption is going down, irreversibly. New economic partnerships on green technologies are the better choice for both sides,' Linda Kalcher, executive director of Strategic Perspective, was quoted as saying in the report.
'Europe is not backtracking on its promises and many businesses are already benefiting,' she added.
The report also analyzed how the European Green Deal will impact the bloc’s energy security, electricity prices, job creation and investment needs.
European laws will permanently alter the bloc's economy by the next decade, making wind and solar power the main sources of electricity, installing at least 58 million heat pumps, increasing the number of electric passenger cars on European roads to around 29 million, phasing out the use of coal and reducing gas consumption by at least 31% across the EU, the report said.
Taking into account the cost of living crisis in the EU, the report highlighted that the rapid adoption of climate-friendly solutions could cut energy bills and reduce the vulnerability of low- and middle-income households.
European households will see their average spending dedicated to energy and fuels reduced from 8.6% of their budget in 2022 to 6.1% in 2030, according to the report.
'By that year, average electricity prices are forecast to decrease by 7%,' the report said.
The report also expects that the green transformation will create at least 447,000 jobs in just a few years.
'The European Green Deal acts as a shield against the high cost of living,' said Neil Makaroff, director of Strategic Perspectives.
'With its green laws,' Makaroff added, 'Europe is protecting the wallets of households and businesses as they provide all the solutions to cut energy bills and move away from gas, oil and coal, which are the main drivers of high inflation.'
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr