Early decarbonisation of the European energy system pays off
2020
In the context of increasing public climate change awareness and plummeting costs for wind and solar photovoltaics, discussions on increasing CO$_2$ reduction targets for Europe have started. Here, we model alternative transition paths with strict carbon budget for the sector-coupled networked European energy system. We show that up-to-date costs for wind and solar and the inclusion of highly resolved time series for balancing make climate action with renewables more cost-effective than previously seen. Ambitious CO$_2$ reductions in the short term not only trigger a cheaper transition but also incentivise more stable CO$_2$ prices and build rates for the required new capacities which could be beneficial from the point of view of investors, social acceptance, local economies, and jobs creation.
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