The global energy transformation is happening, driven by the dual imperatives of limiting climate change and fostering sustainable growth. This shift is also a path of opportunity. The global energy transition would enable faster economic growth, create more jobs, and improve overall social welfare. Reducing human healthcare costs, environmental damages and subsidies would bring annual savings by 2050 of between three and seven times the additional annual costs of the transition. By 2050, the energy transformation would provide a 2.5% improvement in GDP and a 0.2% increase in global employment, compared to business as usual. While timely action would strand assets of over USD 7.7 trillion worth of energy infrastructure that is tied to today’s polluting energy technologies, further delays would risk to significantly increase this amount. These global estimates are reflective of the socio-economic impacts that can be achieved in Central and Eastern Europe.
One major issue in Central and Eastern Europe will be the transition away from fossil fuels to renewable energy systems, which cause only limited CO2 emissions. The major problem of such a massive change is that it can cause significant societal disruptions for affected regions. These disruptions need to be addressed in the Central and Eastern Europe, taking into account the status quo and concerns of the population. Cooperation and coordination between different stakeholders present in the region will be key to achieve the energy transition.
These topics will be presented during the session for discussing the policies that should be put in place to ensure a just and fair transition in Central and Eastern Europe and to maximise the benefits for different countries, regions and communities as well as address inequalities.