A recent study by global consultancy firm McKinsey has revealed that Belgium needs to invest approximately $450 billion in the coming decades to achieve net-zero carbon emissions by 2050.
The research emphasizes that over half of this total amount should be channeled toward retrofitting buildings.
According to the United Nations Climate Panel, to limit global warming to 1.5°C, net emissions must be reduced to zero by 2050. This means that no more greenhouse gases should be emitted than what can be stored or removed from the atmosphere.
The McKinsey study assures that while this target remains attainable for Belgium, it necessitates extensive, bold, and coordinated actions across all sectors.
The study estimates that phased investments worth €415 billion, equating to 2-3% of Belgium’s GDP during this period, are essential to keep the net-zero objective viable by 2050.
It underscores that over half of these investments are crucial to curb emissions mainly from private buildings, as many families lack the resources to make their homes more energy efficient.
Furthermore, the study projects that Belgian industries will invest an additional €30 to €45 billion by 2050. This transition to net-zero emissions could potentially double the demand for electricity, posing challenges for future power supplies.
McKinsey’s research suggests revising regulations to pinpoint suitable locations for renewable energy production. They also recommend enhancing connectivity for electricity imports and considering alternatives such as nuclear power to reduce reliance on renewable sources.
