4 | Prysmian Group | Energy transition - White paper 2022 It’s time to act now The challenge Slowing global warming is urgent because of its devastating impact on both nature and human beings. That’s why 196 countries joined forces in 2015 with a pledge to slow global warming by cutting emissions and other steps by signing the Paris Agreement, the world’s first comprehensive climate change agreement. The goal is to hold the increase in the global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C. The goals These goals can andmust bemet through the energy transition, that is already taking place, mainly in the power sector, where renewable energy now accounts for 26%of electricity generation worldwide and is rapidly increasing. Over the past decade, it has becomemore economical to invest in newwind and solar power sources than building new fossil fuel power plants. Yet, the necessary condition for a complete transition to renewables is a strong and interconnected grid. The measures This important journey, of which Prysmian will be part in the next decades, will be successful only if governments will give priority to project financing schemes for renewable energy, as the European Union is already doing. The outlook is very positive, foreseeing a 3 times bigger market in the next 5 years if compared to the past 5 years, mainly driven by the spectacular growth rate of wind power capacity, the increase of underground transmission and distribution within each country border, and the growing interconnections leading to grid optimization and energy transportation among and beyond European borders. Prysmian Cables and their related installation and maintenance are in fact a crucial part of all the main projects supporting the energy transition, giving Prysmian a unique positioning to be among the key enablers of a decarbonized future energy system.
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