[4] This will require wide-ranging structural changes in energy production, but we still have a long way to go (Chart 1). [5]  Chart 1 The energy mix needs to change drastically to reach carbon neutrality by 2050 (exajoules per year)  Sources: Network for Greening the Financial System (NGFS).
Notes: Net zero by 2050 is an ambitious scenario that limits global warming to 1.5 °C, reaching net-zero emissions by 2050. The average of the three main models used by the NGFS is displayed. The definitions for the EU differ across these three models. These changes will have profound implications for our daily lives and economic system.