The Horizon 2020 COP:21 RIPPLES project involving researchers from INET Oxford has analysed the transformation required in energy systems and the wider economy to implement Paris Agreement goals, investigating what's needed for ambitious decarbonisation targets as well as the socio-economic consequences of transition. As the project comes to an end, we would like to share the project consortium's key messages to contribute to evidence-based decision making.
We are not on track to meet the Paris Agreement mitigation goals. The challenge is to better understand the nature of this gap and to feed political discussions on how to address it at all relevant levels and across them. The European Green Deal offers an opportunity to develop an adequate response to the Paris targets across the EU and its member states, but are we ready?
A key recommendation is that early investment to foster learning reduces decarbonisation costs in the long term and offers economic opportunities for countries to develop new low carbon technologies and sectors. Countries should concentrate on promising technologies, exploit individual regional strength and bear in mind the opportunities and constraints of the national innovation system.
INET Oxford's contribution to this research includes papers on
- creating an optimal portfolio of investment in green technologies
- creating a method to predict technological progress
- evaluating the causal power of experience curves
In addition to benefiting from early actions and investments, the project consortium has produced a number of further policy proposals to help the EU achieve Paris Agreement objectives and quicken decarbonisation:
- Take a sectoral approach
- Tackle the financial system to support its transformation
- Make industrial and innovation policy central to the challenge
- Adopt a country-driven approach to EU 2030 climate commitment enhancement
- Use adequacy assessments to inform policy debates and track progress
For more information on this project and the key messages, please visit the COP:21 RIPPLES web pages.