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    Enel reveals new research on energy transition and decarbonization

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    The 2022 edition of the joint research carried out by the Enel Foundation and The European House-Ambrosetti in collaboration with Enel, “Net Zero E-conomy 2050:  Decarbonisation road maps for Europe: focus on Italy and Spain”,  has been presented at the Forum held at Villa d’Este in Cernobbio.

    The study analysed the trajectories of the energy transition and decarbonization in Italy and Spain and quantified the gaps with respect to the targets for reducing greenhouse gas emissions, expanding the use of renewables and improving energy efficiency.

    It shows how a firm commitment to achieving decarbonisation objectives guarantees greater economic, employment and energy independence benefits at European level compared to scenarios with reduced ambitions.

    The study defines two scenarios for decarbonisation by 2050 in Italy and Spain, the investments required and the economic, social and environmental benefits. It identifies two prerequisites and five policy proposals to overcome the difficulties of the energy transition in the European Union, Italy and Spain.

    “Two years since the outbreak of the COVID-19 pandemic, with its significant implications on the global economy, the war in Ukraine has made concerns about the sustainability of the current energy system more urgent than ever. While the need to tackle climate change alone is more than enough reason to pursue an energy transition, the vulnerability of our oil- and gas-dependent economies has made this urgency more pressing than ever,” said Francesco Starace, CEO and Chairman of Enel Foundation. “This study strongly highlights the excessive dependence on gas of some economies of EU countries, namely Italy’s significant dependence and the very clear advantages that an accelerated reduction in the use of fossil energy sources can bring precisely to those who make excessive use of them today.”

    “It is now more necessary than ever to implement timely decisions and actions to facilitate a rapid change of course. This is the basis of the ‘Net Zero E-conomy 2050’ study. The analyses identified two decarbonisation scenarios (‘Low Ambition’ and ‘Net Zero’) for Italy and Spain. The ‘Net Zero’ scenario envisages investments of €3,351 billion in Italy and €2,215 billion in Spain over the 2021-2050 period, lower than the investments required for the ‘Low Ambition’ scenario,” commented Valerio De Molli, ManagingPartner and CEO of The European House – Ambrosetti.”The ‘Net Zero’ scenario involves not only lower investments but also more benefits. When compared to the counterfactual trend, the ‘Net Zero’ scenarios in Italy and Spain are associated with significant benefits by 2050, in terms of economic returns (+€328 billion and +€223 billion), employment (+2.6 million jobs and +1.8 million jobs), reduced pollution (-€614 billion and -€317 billion in health-related costs and lower productivity) and savings on fossil fuel costs (-€1,914 billion and -€1,279 billion). Compared to today, moreover, the ‘Net Zero’ scenarios in both countries guarantee benefits in terms of energy security by 2050, enabling a reduction in gas intensity (-94% and -92% in the gas intensity of GDP index compared to 2020) and energy dependence (-73.5 p.p. and -54.9 p.p. compared to 2020).”

    The research highlights the importance of policies capable of accelerating the energy transition and achieving a zero emissions economy by 2050, priorities that are essential not only for ensuring the planet’s sustainability, but also for attaining greater energy independence and security while creating economic value and employment. The study analyses progress in the energy transition in Italy and Spain, quantifying the shortfalls with respect to objectives for the reduction of greenhouse gas emissions, the increased use of renewables, and improvements in energy efficiency. It defines the decarbonisation scenarios for 2050 in the two focus countries, identifying the investments necessary and the economic, social and environmental benefits that can be obtained. It identifies 2 prerequisites and 5 policy proposals to overcome current shortcomings in the energy transition in the European Union, Italy and Spain.

    Here are the main findings of the study and here is the full report.

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