Energy Transition Handbook - Flipbook - Page 13
Energy Transition Handbook 2021
• Buildings, which account for 40% of energy
consumed, targeting a doubling of the rate
of building stock renovation and rigorous
enforcement of legislation related to the energy
performance of buildings, and
• Transport, which accounts for >25% of the
EU’s GHG emissions, targeting an end to
fossil fuel subsidies, effective road pricing and
support for zero- and low-emission vehicles
amongst other measures
The European Commission has brought forward
a Sustainable Europe Investment Plan to finance
the transition. The EU estimates that achieving
its current 2030 targets will need €260 billion
of additional annual investment (equivalent to
1.5% of GDP). It has unveiled a one trillion euro
investment plan comprised as follows:
•
approximately half coming from the EU budget
(through a new 25% budget target for climate
mainstreaming across all EU programmes),
•
€100bn from national governments,
•
€300bn from private capital – mobilised by
an EU budget guarantee for the EIB and other
national promotional banks when they invest
in European Green Deal associated projects,
•
€25 billion from 20% of EU ETS revenues; and
•
€7.5 billion of ‘fresh’ EU budget resources
coming through the Just Transition
Mechanism and intended to leverage
€100 billion in investments over the period
2021-2027 to support workers and citizens
of the regions most impacted by the transition.
13