By 2050, more than 3,000 power supply companies from 26 EU countries will become carbon neutral. To do this, companies will invest in clean energy and distribution systems. Previously, European companies pledged to stop investing in the construction of new coal-fired power plants. By the middle of the century, European energy supply companies will become carbon neutral. This decision was reported by Eurelectric, which represents 3,500 energy companies. Neutrality is achieved through carbon compensation, that is, any amount of CO2 emissions produced must be compensated for by environmental measures, for example, by investing in clean energy or buying carbon credits. European enterprises will just follow this path. They will invest in clean energy, develop and implement smart electricity distribution systems, as well as move to environmentally friendly transport and "green" heating and air conditioning systems. Like most of these obligations, Eurelectric plans do not have legal force. In its statement, the organization writes that making energy-supplying companies carbon-neutral is necessary in order to comply with the terms of the Paris Agreement. Recall that the agreement was supported by almost 100 states. They pledged not to allow an average global temperature increase of more than 2 ° C until the end of the century. In addition to the risk of climate change, the Eurelectric solution was also influenced by technology development and the need to upgrade the infrastructure. The transition to "progressive electrification" is also due to economic reasons.

"We are ready to invest in innovation and create new business models so that electricity continues to be valuable in a few decades," Eurelectric vice president Alistair Philips Davis quotes Clean Energy News as saying.. Eurelectric also called on the government and investors to support the transition to clean energy so that it benefits everyone, including countries that depend on the coal industry. In April, the same group of European energy supply companies promised to stop investing in the construction of new coal-fired power plants.

Original article: European energy companies will become carbon neutral by 2050.