Current goals call for the EU economy to be completely decarbonised by 2050. While some industries will continue to emit carbon and other greenhouse gases, those emissions will be offset by other measures, such as expanding forests to suck carbon out of the atmosphere.
But first, we need to meet those ambitious 2030 targets.
Kalantzis, the European Investment Bank economist, thinks that Europe is making progress. “I have the feeling that, more or less, we’ll achieve our 2030 targets.”
He says that a recent assessment by the European Commission based on national energy and climate plans, the ten-year strategies submitted by EU member states, shows that the European Union is largely on track. “But to me, we shouldn’t focus on targets,” Kalantzis says. “What matters is the direction of travel and how we get there.”
There are some roadblocks in the way. One is a public backlash against energy and climate policies, such as farmer protests throughout Europe in early 2024. Another is public frustration over stubbornly high electricity prices, which weigh heavily on people and firms that are already struggling.
Europe also must be careful it doesn’t simply switch its dependence on Russian oil and gas for an overreliance on Chinese-made solar panels or wind turbines. “Just imagine if tensions with China suddenly increased and we don’t get their products anymore,” Boschi warns. “We won’t be able to replace them with a European industry overnight.”
European leaders talk a lot about energy autonomy – protecting Europe’s energy supplies from wars, trade spats and volatile foreign partners. The green transition may not make Europe fully autonomous, but it could become more self-reliant.
“The most important thing now,” Kalantzis says, “is to convince people that this the only way forward.”