Eurelectric has presented its long-term industry vision for the electricity industry in Europe.
“Electrification of heating, transport and industry is a win-win. It comes with higher efficiency and lower CO2 emissions. We should do everything possible to advance electrification with smart regulation," said Magnus Hall, CEO of Vattenfall and Vice-President of Eurelectric on Wednesday, 6 December.
With the new vision, the electricity sector strengthens its commitment to invest in clean power generation and other transition-enabling solutions and, importantly, to help accelerate CO2 emission reductions in other sectors through increased use of clean electricity.
“Our sector shares a vision of a clean and fully sustainable European energy future. This is within reach and electricity plays a key role in realising it. Today we declare the determination of our sector to accelerate the process and make the European power sector carbon-neutral well before mid-century,” said Francesco Starace, Eurelectric President and CEO of the Italian energy group Enel.
National associations and Chief Executives from all major power companies in Europe have agreed a vision declaration that commits the sector to lead and accelerate the clean energy transition. Sector leaders have all committed to take action to support the economy-wide shift to a climate-friendly society and achieve a carbon-neutral electricity mix in the EU well before mid-century.
“This vision is essentially a statement of intent by our sector to lead and accelerate the clean energy transition. Through today’s declaration, our sector commits to speed up this decarbonisation, meaning that this value will increase further, in sectors like transport, buildings and industry. This is very much in line with Vattenfall’s strategy as well,” says Magnus Hall.
Eurelectric’s Secretary General, Kristian Ruby Ruby said:
“The commitment and ambition expressed in this vision is daunting, especially for regions which depend on high carbon value chains. We therefore call on policymakers to do their utmost to ensure a fair transition, both socially and geographically, and provide the necessary support and funding to address any socio-economic impacts,”
Following the adoption of this vision statement, the European electricity sector will launch several projects in the coming years aimed at identifying the challenges and opportunities of an accelerated clean energy transition. As the sector embarks on its journey it will engage stakeholders and communities across the entire European economy on these projects.