The briefing “Clean electrification: State of play in the EU and major economies” published by the European Parliamentary Research Service summarises that electrification of the economy is key to avoiding energy and cost‑of‑living crises driven by dependence on imported fossil fuels, as well as to meeting European and international climate goals. The Strait of Hormuz crisis has caused significant and persistent spikes in fossil fuel prices and once again highlighted Europe’s strategic dependence on energy imports. Switching from fossil fuels to electricity offers an opportunity to reduce such vulnerabilities by increasing the share of domestically produced clean energy. Clean electrification means that a growing share of renewable and nuclear power can help eliminate carbon emissions from electricity generation.
The EU’s electrification action plan pursues ambitious targets, and the Turkish presidency of the COP31 climate conference has proposed a target to electrify 35 % of the world economy by 2035. Electrification targets set the direction for energy and industrial policies. The EU electrification action plan lays down an indicative electrification target for the EU economy: 46 % of final energy use in 2040 should come from electricity, double today’s rate of electrification. Electrification requires massive investment in clean power plants, grids and storage capacities. EU electricity grids will need an estimated investment of €1.3 trillion over the 2024‑2040 period.
Access the briefing here