The European Commission has assessed the EU-wide impact of National Energy and Climate Plans (NECPs) for 2021-2030, that EU Member States had to submit to the Commission by the end of December 2019. The assessment highlights that NECP measures would enable to reduce greenhouse gas (GHG) emissions in the European Union by 41% by 2030 (compared with 1990 levels), surpassing the 40% reduction target. Where renewables are concerned, the combined commitment by Member States should exceed the existing target of at least 32% with 33.1-33.7% by 2030. However, there is still a gap for the target to increase energy efficiency by at least 32.5%; the aggregated energy efficiency ambition set in NECP should enable to reduce primary energy consumption by only 29.7% by 2030 (2.8 percentage point gap) and final energy consumption by 29.4% (3.1 percentage point gap).
According to the European Commission, annual investments related to energy production and consumption will need to increase by just over 1 percentage points of GDP on average in 2021- 2030 (compared to the previous decade) to achieve the current EU 2030 climate and energy targets. This would correspond to an increase of around €260bn/year, that could even rise to around €350bn for an increased GHG emissions reduction target of 55%.
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