Webinar for journalists, 3 April 2023, 2pm BST /15h CEST
Electricity will become the new linchpin of the global energy system (IEA), but to limit warming to 1.5°C, global electricity production must be completely decarbonized by 2040. While European electricity is on track to move away from coal by 2030, the urgent need to move away from gas is still largely unaddressed. Gas has long been misleadingly labeled as a "bridging fuel", overlooking the massive methane emissions associated with European power plant gas supply. Private finance has a key role in accompanying the European system out of coal, will it assume the same responsibility for the exit of gas?
Decarbonizing electricity is critical for limiting emissions, and global warming to 1.5°C because it can impact so many sectors from transport and buildings to industry. The solutions to decarbonize electricity already exist, are based on reliable technologies and can be rapidly developed on a massive scale.
In Europe, fossil fuels generated over 44% of electricity in 2022, but with an exit from coal on the horizon, the next step is to phase out gas by 2035. Almost none of the electricity producing companies active in Europe have adopted a gas phase-out plan - and none has adopted a credible gas phase out plan by 2035. Worse, many of them are planning new gas plant projects, with over 63 GW of additional capacity planned.