European Energy Financial Overview

Necessity of renewable transformation benefits operating environment == 1 Power consumption expected to increase ... Total primary energy demand global under IEA's New Policies Scenario 20 000 Historical Mtoe 17 500 15.000 12 500 2 EUROPEAN ENERGY ... but to ensure that global warming will not exceed 1.5°C, drastic reductions in CO2 emissions have to be made over the coming years Global total net CO2 emissions - pathways to 1.5°C Billion tonnes of CO₂/yr 50 40 30 Other renewables 20 Hydro Nuclear 10 000 7500 5000 2500 0 2000 2010 2020 2030 2040 Bioenergy 10 Natural gas Coal Oil Source: IEA (2019) World Energy Outlook 2018, https://www.iea.org/weo/. All rights reserved. -10 -20 0 In pathways limiting global warming to 1.5°C with no or limited overshoot as well as in pathways with a higher overshoot, CO2 emissions are reduced to net zero globally around 2050. Four illustrative model pathways P1 P2 720 P3 P4 1 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 Source: IPCC, 2018: Summary for Policymakers. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty [Masson-Delmotte, V., P. Zhai, H.-O. Pörtner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Péan, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis, E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. World Meteorological Organization, Geneva, Switzerland, 32 pp 3 A large transformation in the energy-mix is absolutely crucial to reach the C02 reductions needed when considering growing global energy demand 27

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