European Green Deal: Using Ambitious Climate Targets and Renewable Energy to Climb out of the Economic Crisis

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European Green Deal: Using Ambitious Climate Targets and Renewable Energy to Climb out of the Economic Crisis. / Hainsch, Karlo; Göke, Leonard; Kemfert, Claudia et al.
In: DIW Weekly Report, Vol. 10, No. 28/29, 08.07.2020, p. 303-310.

Research output: Journal contributionsJournal articlesResearch

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Hainsch K, Göke L, Kemfert C, Oei PY, Hirschhausen CV. European Green Deal: Using Ambitious Climate Targets and Renewable Energy to Climb out of the Economic Crisis. DIW Weekly Report. 2020 Jul 8;10(28/29):303-310. doi: 10.18723/diw_dwr:2020-28-1

Bibtex

@article{284ddf60fe3d4c6fbc5d8b0e304c4e92,
title = "European Green Deal: Using Ambitious Climate Targets and Renewable Energy to Climb out of the Economic Crisis",
abstract = "The European Green Deal, initiated by the EU Commission, is a package of measures aimed at decarbonization and sustainable economic development with the goal of making the European Union climate neutral by 2050. To achieve this goal, the emission reductions target must be increased from 40 percent to 65 percent compared to 1990 levels, as the model calculations in this Weekly Report show. Fossil and nuclear power plants must be completely substituted with 100 percent renewable energy sources. Compared to the current course, over 60 billion tons of CO2 could be saved as a result. Expansive investments must be made to build a solid basis for the current national and EU-level economic stimulus packages. Investments in renewable energy require around 3,000 billion euros; however, they are accompanied by savings of almost 2,000 billion euros from not importing fossil fuels. The German EU Council Presidency (its term lasting from July to December 2020) faces the challenge of persuading the Member States to adopt a common strategy for implementing the European Green Deal as part of their respective economic stimulus packages.",
keywords = "Economics, europe, investment, energy, climate policy, recovery",
author = "Karlo Hainsch and Leonard G{\"o}ke and Claudia Kemfert and Oei, {Pao Yu} and Hirschhausen, {Christian von}",
year = "2020",
month = jul,
day = "8",
doi = "10.18723/diw_dwr:2020-28-1",
language = "English",
volume = "10",
pages = "303--310",
journal = "DIW Weekly Report",
issn = "1860-3343",
publisher = "Deutsches Institut f{\"u}r Wirtschaftsforschung (DIW)",
number = "28/29",

}

RIS

TY - JOUR

T1 - European Green Deal

T2 - Using Ambitious Climate Targets and Renewable Energy to Climb out of the Economic Crisis

AU - Hainsch, Karlo

AU - Göke, Leonard

AU - Kemfert, Claudia

AU - Oei, Pao Yu

AU - Hirschhausen, Christian von

PY - 2020/7/8

Y1 - 2020/7/8

N2 - The European Green Deal, initiated by the EU Commission, is a package of measures aimed at decarbonization and sustainable economic development with the goal of making the European Union climate neutral by 2050. To achieve this goal, the emission reductions target must be increased from 40 percent to 65 percent compared to 1990 levels, as the model calculations in this Weekly Report show. Fossil and nuclear power plants must be completely substituted with 100 percent renewable energy sources. Compared to the current course, over 60 billion tons of CO2 could be saved as a result. Expansive investments must be made to build a solid basis for the current national and EU-level economic stimulus packages. Investments in renewable energy require around 3,000 billion euros; however, they are accompanied by savings of almost 2,000 billion euros from not importing fossil fuels. The German EU Council Presidency (its term lasting from July to December 2020) faces the challenge of persuading the Member States to adopt a common strategy for implementing the European Green Deal as part of their respective economic stimulus packages.

AB - The European Green Deal, initiated by the EU Commission, is a package of measures aimed at decarbonization and sustainable economic development with the goal of making the European Union climate neutral by 2050. To achieve this goal, the emission reductions target must be increased from 40 percent to 65 percent compared to 1990 levels, as the model calculations in this Weekly Report show. Fossil and nuclear power plants must be completely substituted with 100 percent renewable energy sources. Compared to the current course, over 60 billion tons of CO2 could be saved as a result. Expansive investments must be made to build a solid basis for the current national and EU-level economic stimulus packages. Investments in renewable energy require around 3,000 billion euros; however, they are accompanied by savings of almost 2,000 billion euros from not importing fossil fuels. The German EU Council Presidency (its term lasting from July to December 2020) faces the challenge of persuading the Member States to adopt a common strategy for implementing the European Green Deal as part of their respective economic stimulus packages.

KW - Economics

KW - europe

KW - investment

KW - energy

KW - climate policy

KW - recovery

U2 - 10.18723/diw_dwr:2020-28-1

DO - 10.18723/diw_dwr:2020-28-1

M3 - Journal articles

VL - 10

SP - 303

EP - 310

JO - DIW Weekly Report

JF - DIW Weekly Report

SN - 1860-3343

IS - 28/29

ER -