According to a recent European Parliamentary Research Service Cost of Non-Europe (CONE) report, ambitious and united European Union (EU) action in climate and energy policy could be very beneficial, bringing gains of up to 5.6 % of gross domestic product (GDP), equal to €1 trillion additional GDP per year in 2050, compared to a continuation of the status quo (see Figure 1). However, failure to arrive at a common approach, in particular by collectively addressing volatile energy prices and systemic risks emerging from EU dependency on external suppliers such as Russia, could result in the EU missing out on some, or the entirety, of these potential benefits.
Cost of Non-Europe (CONE) in energy: Net zero in 2050 – ambitious and united EU action vs the baseline – detailed results and stress testing of alternative scenarios
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