16 Enabling the Digital and Energy transition Climate change is already an economic problem, said Carraro. A study from the University of California at Berkeley estimated that global economic losses from global warming in 2017 was already about $190 billion, or 0.25% of global GDP. The expected loss in the EU could reach 2%-2.5% of GDP in 2050, he said. What can be done? All models suggest the same strategy: energy efficiency in all sectors, including building and transport; electrification of heating, transport and industries; decarbonization of electricity generation through renewables, hydrogen, nuclear power and C02 removal. Emissions must now be reduced more rapidly than they have been in the past, Carraro said, pointing to the IPCC’s conclusion in its August report that “unless there are immediate, rapid, and large-scale reductions in greenhouse gas emissions, limiting warming to 1.5C will be beyond reach.” Five main sectors attracting technology investment \ Industry and transport \ Agriculture \ Power grid \ Hydrogen production \ Carbon capture
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