Experts in the economic and institutional field have agreed that the success of the energy transition in Europe depends on strengthening shared governance and ensuring that the decarbonization process is carried out in an orderly, cost-effective and competitive manner, so that it is compatible with economic growth.
These ideas were addressed in the 24th edition of the high-level Energy Prospectives conferences, organized by Fundación Naturgy and the IESE under the title "The European energy transition is at stake in governance, competitiveness and growth". In this forum, the director of the Representation of the European Commission in Spain, Daniel Calleja, recalled that the competitiveness, sustainability and security of supply objectives set by the Union in 2000 remain fully in force and are reinforced by each other.
"This is not only an industrial technological challenge. Above all, it is a governance challenge, since European and national decisions are interconnected and energy is a shared competence between the EU and the Member States," he said.
In this line, he called for effective decision-making, coordination and execution mechanisms at the political, administrative and technical levels, that integrate regulators, network operators and the rest of the system’s agents. In addition, he warned that the success of the transition "will depend on whether it is possible to govern jointly and build a coherent framework that allows progress in security of supply, sustainability, innovation and competitiveness".
Climate inaction and its economic costs
For his part, BBVA Research’s head of Economic Analysis, Rafael Doménech, argued that sustainable prosperity requires "an orderly energy transition" and warned that the lack of action on climate change is accumulating economic costs as time goes on.
After ruling out degrowth as a viable alternative to cut emissions, he maintained that "growth and decarbonization can coexist," noting that emissions per unit of GDP have been falling for decades.
Doménech insisted that the real dilemma is not choosing between economic expansion or climate protection, since both objectives must move forward simultaneously. "This is about governing today an orderly, innovative transition that is profitable. If it is not profitable, it will not happen," he said.
During the opening of the day, the president of Fundación Naturgy, Rafael Villaseca, stressed that the energy transition must equally consider its economic and social implications.
"You don't just have to govern the reduction of emissions, but also everything that comes with it, that is, supply security, the security of supply chains, the impact on the economy, and the impact on inflation," he said, calling for the process to help improve the situation of citizens.
Along the same lines, José Luis Suárez, professor emeritus of the Department of Financial Management and former director of the Campus of IESE in Madrid, highlighted that "climate action, competitiveness, and independence go hand in hand."
He also emphasized that accelerating the adoption of clean energy not only cuts emissions, but also reduces Europe's vulnerability to external disruptions in a context of geopolitical tensions and strengthens its economic security.