and McKinsey https://www.mckinsey.com/~/media/McKinsey/Business%20Functions/Sustainability/Our%20Insights/How%20the%20European%20Union%20could%20achieve%20net%20zero%20emissions%20at%20net%20zero%20cost/Net-zero-Europe-vF.pdf?shouldIndex=false
and Adam Tooze on Social Europe https://www.socialeurope.eu/europes-decarbonisation-challenge-wir-schaffen-das
between now and 2050, almost half the necessary investment will not meet standard investment criteria
need to mobilise €4.9 trillion in subsidies over 30 years. That is the amount of profit taxpayers would need to offer investors to get them interested in the energy transition—€365 for every man, woman and child in the EU27, every year for 30 years.
Total GDP of the EU27 in 2019 was shy of €14 trillion. Overall investment runs to about 22 per cent of GDP. McKinsey suggests that, to achieve net zero by 2050, the EU needs to invest every year about 5.8 per cent of GDP in the energy transition
a carbon price of €100 per ton 80 per cent of the necessary investment could be justified on commercial grounds.
EU’s regular budget is capped at 1 per cent of GDP
Both modelling exercises predict that a carbon-neutral economy by 2050 will offer more jobs than the fossil-fuel-addicted status quo
Europe’s neighbours in north Africa are obvious clean-energy partners.
As McKinsey remarks en passant, reaching net-zero may require 18 million workers to be reskilled by 2050 but this is small beer by comparison with the 100 million it expects to need retraining already by 2030, on account of what it euphemistically refers to as ‘automation’.