The EU needs to invest in the electricity sector if EU targets to reduce emissions and boost growth are to be met, according to the president of European electricity industry association, Eurelectric, Antonio Mexia, who was speaking in Vilnius.
Electrification can combat climate change by reducing carbon dioxide emissions and stimulate the economy, not just the energy industry, prompting more rapid development in the transport and construction sectors, he said.
However, the Eurelectric President stressed that today’s electricity sector is faced with many problems. “The electricity sector today is not attracting adequate investments. This is a challenge, “- he said.
The EU, he said, should take concrete action. For the electricity sector to meet the demands of the EU energy and climate change mitigation program, the sector needs $2.2 trillion of investment by 2035.
“If suddenly all cars became electric, carbon dioxide emissions around the world would be reduced by half,” said Mexia as Eurelectric held its annual conference in Vilnius.
“With electricity becoming increasingly cleaner, a path forward for the decarbonisation of the whole European economy is apparent,” said Mexia.
“There must be a new electricity market uniting the whole Europe and a common EU strategy,” said Mexia.