Economy-wide transformation Sample Clauses

Economy-wide transformation. All pathways towards decarbonisation show that major efforts will be required early on, and in all emitting sectors, including transport, buildings, industries, and energy supply. Figure 3 (a) shows the EU CO2 emission pathways under the three Narratives and three climate policy targets. All models can achieve the tight 43 Gt CO2 budget under all narratives. Net CO2 emissions in 2050 range between –347 Mt CO2 and +63 Mt CO2, thus they are all below the tight end of the previous EU target of 80 to 95% emission reductions in 2050 (Figure 4). All models show that the electricity sector is the first to decarbonise as a result of the falling costs of renewable energy technologies, which are already cost-competitive with fossil fuels in several EU countries. In the 1p5 pathways, the models show that EU CO2 emissions are falling towards net-zero by 2050 due to the massive uptake of renewable energy, energy efficiency, electrification of energy services, uptake of low-emission hydrogen and advanced biofuels combined with the emergence of innovative and currently immature options, including CCS and CCU. Non-CO2 emissions are more difficult to xxxxx than CO2 and so determine to a large extent whether zero GHG emissions will be achieved. That said, the size of the carbon sink and the deployment of Carbon Dioxide Removal (CDR) technologies will be key in achieving GHG neutrality by 2050. Attaining these emission reductions requires carbon prices in the range of 363-1307€/t CO2 by 2050: 11-43€/year increase from 2020 levels (see Figure 3 (b)). CO2 prices in 2030 differ substantially between models: in ETM-UCL and REMIND-EU, CO2 prices in the range of 265-436€/tCO2 are required, while PRIMES assumes much lower CO2 prices close to 50€/tCO2. This difference can be explained by two factors: (i) PRIMES projects 47% of emission reductions in 2030 in the 1p5 scenario, while the two other models project stronger reductions of 52-56% (relative to 1990 emissions), and (ii) PRIMES assumes a substantial number of other supporting policies related to renewable energy and energy efficiency, while the other two models achieve the target mainly through carbon pricing. Ambitious supporting policies targeting energy and resource efficiency (see Efficiency scenario results in Figure 3) may limit the need for supply- side investment and reduce the required carbon prices.
Sample 1
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Related to Economy-wide transformation

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  • Local Health Integration Networks and Restructuring In the event of a health service integration with another service provider the Employer and the Union agree to meet.

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