OIES Podcast – Decarbonisation in Europe and scenarios for gas
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In this latest OIES podcast, brought to you by the Gas Programme, James Henderson talks to Kong Chyong about his latest paper on the EU’s decarbonisation plans and the implications for natural gas. Kong talks through five scenarios which he has modelled in detail and which focus on targets for future emissions, the implied carbon prices and the impact on gas demand in the region. The scenarios range from an aggressive “Accelerated Path to Net Zero”, mirroring the EU’s current plan to reduce emissions by 90% by 2040 before reaching net zero in 2050, to a much more conservative “Low Carbon Price” scenario. Kong highlights that the more rapid decarbonisation scenarios have a dramatic impact on gas consumption but also imply a very high carbon cost. He outlines his policy recommendations which largely involve finding a balance between achieving climate goals and avoiding the imposition of an excessive cost on the European economy.
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