Sunday, July 3

Steadfast towards a zero emissions economy

The rise in electricity prices in the wholesale markets that we have experienced for months is undoubtedly exceptional. But it will also be temporary. Its origin is in the sharp rise in gas prices and, to a lesser extent, in CO2 emission rights and it does nothing but confirm the need to reduce the EU’s dependence on fossil fuels and redouble the commitment to renewable energy.

It is an economic bet, but also environmental. It will be precisely the increasing presence of renewables in the generation mix that will allow us to enjoy lower electricity prices in the future and to advance at the same time in emission reduction targets to which we have committed ourselves. This is a path in which there is no turning back and that involves the whole of society. In other words, electrification is imposed as the fastest and most efficient way to decarbonize the economy and reduce emissions.

Replacing fossil fuels with electricity from renewable sources as the main source of energy in sectors such as transport, industry, or building, will reduce the EU energy import bill, which reaches 175,000 million euros per year, advance decisively in the fight against climate change, reinforce security of supply and contribute to the creation of quality employment.

The commitment to electricity is not only the commitment to a cleaner future, but also to an improvement in efficiency in energy consumption. Electric vehicles are three to five times more efficient than those with an internal combustion engine, heat pumps use four times less energy than oil or gas boilers, and the energy intensity decreases significantly with the electrification of industrial processes.

Therefore, the current electricity price situation must not divert us from the path of electrification as the best instrument to combine economic growth with respect for the environment.

In the electricity sector, we have been committed for years to a just transition towards an economy without emissions. 81% of the electricity production of the EU countries will be emission-free in 2030, a percentage that will reach 100% in 2050. The sooner we reach these goals, the more protected we will be against increases in the prices of raw materials such as that we are currently suffering and that is behind the rise of light.

At Endesa we are convinced of this: 85% of the peninsular energy production in the first nine months of the year was already free of CO2 emissions, in line with the objective of reaching 92% by 2024, we have a portfolio of projects 80 GW renewables and we are immersed in the closure of coal plants. PBut shutting down the coal does not mean abandoning the sites where the plants were located. We neither leave nor disengage, but we have presented projects for 5,100 MW renewable to replace thermal capacity with renewable capacity, accompanying this process of the implementation of new sustainable industrial activities. We are therefore materializing a model of just transition and sustainable growth.

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To meet the goal of zero emissions, it is necessary to transform the way we produce, consume and distribute the energy that drives our economy and our society. As the naturalist and environmental communicator David Attenborough recently pointed out at COP26, “after all, we are the greatest problem solvers ever on Earth. Now we understand this problem. We know how to stop the rise in numbers and get it started. We must stop carbon emissions this decade. “

The path is clear, and it is electric.

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