European energy infrastructure needs $2.7 trillion in investment to reach the EU’s climate goals by 2050 and keep Europe competitive on a global scale, lobby group the European Round Table for Industry ERT said in a new report on Tuesday. The EU’s ambition to be a carbon-neutral bloc by 2050 requires massive investments in energy infrastructure, including grid expansion, power storage, and infrastructure for low-carbon hydrogen and carbon capture, ERT said.
To boost investment to such levels in the coming years and decades, Europe will need more collaboration between public and private capital and a stronger and more supportive regulatory framework to incentivize investments in grids and low-carbon hydrogen, according to ERT, which developed the report with the support of Boston Consulting Group BCG.
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