illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:

🗞️ Driving the news: Europe is facing a critical need for investment in its energy infrastructure, with a requirement of €800bn by 2030 to meet its climate targets and maintain competitiveness, according to a report by the European Round Table for Industry
• This investment is aimed at enhancing power grids, energy storage, and carbon capture facilities

🔭 The context: The report highlights that achieving the EU's 2050 goal of net-zero CO₂ emissions necessitates a total investment of €2.5tn
• Current investment trends are significantly behind, with a 60% funding gap predicted if the pace doesn't pick up
• The private sector is called upon for substantial contributions, yet struggles amidst economic challenges and high energy prices due to geopolitical tensions

🌍 Why it matters for the planet: These investments are crucial for Europe's green transition, aiming to significantly reduce carbon emissions
• The shift towards sustainable energy infrastructure is vital for combating climate change and achieving global climate goals, highlighting the urgent need for both private and public sector involvement

⏭️ What's next: The immediate future will determine the leaders in the global decarbonization race, with significant implications for competitive advantages
• There's a call for clearer policies and support from EU funds, especially in light of new security challenges and the necessity for materials crucial for the green transition
• The push towards integrating European energy markets is seen as a strategic move to bolster the continent's competitiveness and environmental sustainability

💬 One quote: “The incentives to attract much needed private investment are not there yet, so policymakers should tackle this urgently,” said Dimitri Papalexopoulos, chair of ERT’s energy transition and climate change committee.

📈 One stat: Europe requires €800bn by 2030 to meet its climate targets, amidst a backdrop of a total €2.5tn needed by 2050 for the green transition.

Click for more news covering the latest on climate change