Welcome to the European Parliamentary Research Service Podcasts.

In this podcast, we'll look at the potential gains of more Europe versus the costs of less or non-Europe in energy.

One of the 50 policy areas investigated in our latest report about the benefits of more EU action in an age of global challenges.

And see how closer EU cooperation in this area could bring substantial economic,

social and environmental benefits.

Want to know more?

Stay with us.

The EU aims at becoming the first climate-neutral continent by 2050.

The commitment and the rhetoric are certainly there, but the goal is ambitious and money scarce.

So, will we succeed?

Well, it's clear that recent events, such as Russia's war in Ukraine and the global rise in fossil fuel prices added an additional

layer to the challenges that lie ahead of a successful transformation of EU energy systems.

But notwithstanding those, the Parliament's report concludes that more ambitious budgetary

and regulatory EU policy could bring benefits of up to 294 billion euros per year by 2030.

And the benefits can be even higher, up to 734 billion euros per year by 2050,

as the benefits from social measures would kick in in the longer term and ensure a fair transformation.

Another positive effect would be to reduce the EU's fossil fuel dependency, thus increasing

consumers purchasing power.

Now to reach these conclusions, the EPRS report simulated an EU net zero energy transformation.

A first result of this ambitious and united EU-level policy

is that we decrease the greenhouse gas emissions

from the energy, industry, buildings and transport sectors

...