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Clean Power Could Save Europe €1 Trillion Says Ember

A report on building a clean European electricity system by Ember, a UK-based non-profit think tank, has estimated Europe could save up to €1 trillion by 2035 through avoiding fossil fuel consumption. Ember’s report focuses on three modelled pathways for the European power sector: Stated Policy (SP); Technology Driven (TD); and System Change (SC). The SP pathway is aligned with stated national policies until 2035, while the TD and SC pathways are designed to minimise cost while remaining within a carbon budget compatible with the Paris Agreement climate goals. The report claims a clean power system can be achieved in Europe by 2035, with extra funding into wind and solar power driving higher electrification which could halve Europe’s fossil fuel consumption by 2030. Ember estimates the up-front cost of upgrading the current system and quadrupling growth in solar and wind capacity would require an upfront investment of €300 to €750 billion. This would see wind and solar generate between 70-80% of Europe’s power, while seeing coal fall to less than 1% and gas less than 5%, with savings from the use of fossil fuels potentially being worth at least €530-1010 billion in total by 2035. 

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