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A report has stated that Europe will have to invest €800bn by 2030 to meet climate goals. This comes on the same day that the European Court of Human Rights had its first-ever victory in a landmark climate court case.
According to a new report published by The European Round Table for Industry (ERT), an influential Brussels lobby group, for Europe to reach net zero targets and meet the surge in demand for renewable energy, it will require substantial investments in both national and cross-border infrastructure for power grids, energy storage and carbon capture facilities.
The ERT estimates that these investments will need to be to the tune of €800bn to meet the 2030 climate targets, scaling to €2.5tn by 2050.
According to the ERT, infrastructure modernisation is an imperative – yet the report argues that policymakers are not doing enough.
“Companies of all shapes, sizes and sectors need to be reassured of the delivery of the infrastructure that will underpin the promised efficiencies and stability of the EU’s net zero future. The incentives to attract much-needed private investment are not there yet, so policymakers should tackle this urgently,” said Dimitri Papalexopoulos, chair of ERT’s energy transition and climate change committee.
“At some point, it will be clear which region or country has won the race to decarbonise – and enjoy the respective competitive advantages. The next five years will determine that,” he added.
Today also saw the first ever climate case victory in the European Court of Human Rights.
The case was brought against Switzerland by a group of 2,000 female activists, most of whom were in their 70s. They argued that the failure of the European court to cut greenhouse gas emissions is violating citizens’ rights. They argued that due to their age and gender they are particularly vulnerable to the effects of climate change such as heatwaves.
The court ruled that weak government climate policies violate fundamental human rights. It stated that Switzerland’s government had “failed to comply with its duties under the convention concerning climate change and had previously failed to meet its past greenhouse gas emission reduction targets by failing to act in good time and in an appropriate and consistent manner”.
This decision could set a benchmark for future climate litigation. As the ruling is binding, it could trickle down to influence the law in other European countries, including the UK.
This ruling comes at a critical time. According to the European Environment Agency (EEA), Europe is not prepared for a barrage of climate change risks, including extreme heat, drought, wildfires and flooding. These events will cause a threat to the stability of Europe’s energy and food security, ecosystems, infrastructure, water resources, financial stability and people’s health.
