The need for Europe to find alternative sustainable energy sources has intensified this year because of Russia’s invasion of Ukraine. Russia is the leading supplier of natural gas, oil and coal to the European Union, and the war has made supplies uncertain and sent prices soaring.

Wind and solar become Europe’s main source of energy in this scenario. They replace fossil fuels and remove energy-related carbon emissions as
a result.

To reach this Net Zero Scenario, Europe needs “a rapid decline in oil and gas consumption” this decade, BNEF notes. This includes a cut of more than 50% in oil demand.

Europe would need to promote take-up of electric vehicles, heat pumps and electrified industrial processes to make this happen, the report says.

Wind and solar made up 18% of Europe’s energy mix in 2021, but combined with battery storage this could reach 70% by 2035, BNEF’s Net Zero Scenario suggests.