European utility CEOs aim for carbon-neutral power by 2050
Sixty European electricity company CEOs have handed over a declaration to EU energy commissioner Andris Piebalgs in which they pledge to supply carbon-neutral power by 2050.
The declaration also commits to an integrated European electricity market and the promotion of energy efficiency technologies. The CEOs represent power companies in 27 countries, jointly producing 2500 TWh electricity per year, equivalent to over 70% of total European power generation.
"The European electricity industry is making a clear commitment to achieving a carbon-neutral sector by mid-century," says Lars Josefsson, Vattenfall CEO and president of utility industry body Eurelectric. "At the same time I and my fellow CEOs have reiterated our belief that a competitive functioning market is the best means to deliver on this goal in a cost-effective manner while also ensuring the basic imperative of supply security."
To achieve the carbon-neutral goal, the CEOs stated that electricity companies will require access to a broad range of power generation options, including efficient clean fossil technologies (such as carbon capture and storage), high-efficient combined heat and power, and nuclear power, alongside new renewable energies. "A crucial factor here is also to simplify licensing procedures for new build," says Josefsson.
According to Eurelectric, the European power sector will require some €1.8 trillion in investment in order to replace ageing plant, develop grids, meet new demand and deliver on environmental targets. "The industry therefore needs a stable, coherent and market-oriented regulatory framework and access to liquid capital markets -policymakers have a crucial role to play here," says Josefsson.
The declaration handed to Piebalgs also demanded that policymakers should work for a worldwide approach to mitigating greenhouse gases, increase support for R&D and CCS-demonstration, recognise the desirability of market-based electricity prices and implement a market-based approach to integrating renewable energy into the system.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Technology
Dismantling the zeal and the hype: the real GenAI use cases in risk management
Chartis explores the advantages and drawbacks of GenAI applications in risk management – firmly within the well-established and continuously evolving AI landscape
Chartis RiskTech100® 2024
The latest iteration of the Chartis RiskTech100®, a comprehensive independent study of the world’s major players in risk and compliance technology, is acknowledged as the go-to for clear, accurate analysis of the risk technology marketplace. With its…
T+1: complacency before the storm?
This paper, created by WatersTechnology in association with Gresham Technologies, outlines what the move to T+1 (next-day settlement) of broker/dealer-executed trades in the US and Canadian markets means for buy-side and sell-side firms
Empowering risk management with AI
This webinar explores how artificial intelligence (AI) can strip out the overheads and effort of rapidly modelling, monitoring and mitigating risk
Core-Payments for business leaders: why real-time access to payment data is key to long‑term business success
Business leaders require easy access to timely, reliable and complete information across post-trade processes. Aside from the usual requirements of senior managers to optimise for risk, revenues and costs, they increasingly need to demonstrate to their…
Risk applications and the cloud: driving better value and performance from key risk management architecture
Today's financial services organisations are increasingly looking to move their financial risk management applications to the cloud. But, according to a recent survey by Risk.net and SS&C Algorithmics, many risk professionals believe there is room for…
Machine learning models: the validation challenge
Machine learning models are seeing increasing demand across the capital markets spectrum. But how can firms improve their chances of gaining internal and regulatory approval for these type of models?