Substantial investments of around €335 billion – about 3% of the country’s GDP – are required until 2050 to develop a decarbonised energy sector in Romania, according to the World Bank’s Country Report on Climate and Development for Romania (RTCD), which was unveiled during a climate change conference on Tuesday.
Romania is on track to achieve its 2030 target of reducing emissions by 55% compared to 1990 level, the report shows.
Nevertheless, despite reducing emissions by 53% between 1990 and 2018, achieving carbon neutrality by 2050 demands significant political actions and funding.
“In order to achieve net-zero emissions by 2050, Romania needs to implement a massive electrification program, replacing direct fuel consumption with energy from renewable sources”, the World Bank emphasised.
To reach climate neutrality by 2050, Romania must not only decarbonise the energy sector but also focus on transforming the transport sector, optimising water resource usage, and investing in human capital and skills, according to the experts.
Furthermore, Romania is very vulnerable to climate change risks, especially floods and droughts. At the same time, the country’s carbon emissions are relatively high, with an average of 2.5 times higher than the EU’s.
The effects of climate change are becoming more acute for Romanian citizens, President Klaus Iohannis said at the climate change conference in Bucharest.
He emphasised the need for a climate transition that is “fair, inclusive, and compatible with economic growth”.
(Cătălina Mihai | Euractiv.ro)
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