Energy transition is a great thing While a global majority shares this view the pace and means of pursuing this transformation are equally debated as its economic consequences On the latter issue a study the fi rst joint one conducted by the Inter national Renewable Energy Agency IRENA and the International Energy Agency IEA analyzed the fi nancial eff ort that achievement of the Paris cli mate goals by 2050 would take The analysis came up with a required investment of around 29 tril lion U S dollars to transform the worldwide ener gy sector within that period of time On the one hand that s a huge sum but on the other hand it accounts for only 0 4 percent of the total global eco nomic output according to IRENA Furthermore the capital expenditures in the renewable energies sec tor would be contrasted by a growth impulse of 0 8 percent to the global economy The study concludes that energy transition is aff ordable especially since the construction of new solar power and wind pow er systems is becoming increasingly cheaper In the solar power sector costs dropped by 80 percent between 2010 and 2020 according to IRENA and in the wind power sector by roughly 30 percent In many markets today the study says the electrici ty from renewable sources is already cheaper than the one from fossil sources Moreover the World Economic Forum in its Global Risks Report 2022 emphasized that failure to achieve the climate goals would cause enormous costs in the range Marcus Hoff mann Head of Sustainability Strategy and Projects at Schaeffl er The transformation toward sustainable resource management will be successful when ecology social aff airs and economy are harmonized That s how we defi ne sustainable action at Schaeffl er We believe that the sustainable alignment of our own value chain that is our supply chain our in house production and our product portfolio is essential to ensuring our economic success going forward With our expertise and products for instance in electric mobility and wind power we re already supporting the energy and mobility transition eff ort today They re important pillars on the pathway toward achieving the Paris climate goals We make processes more effi cient and ultimately more competitive and support our customers in achieving their goals and global transformation as a whole in this way These processes require end to end and preferably circular thinking and those are points of engagement for Schaeffl er s sustainability roadmap as well areas like a circular economy energy effi ciency and in house generation of renewable energies are just some of the building blocks that clearly enhance our sustainability performance along the value chain while making economic sense as well of 4 to 18 percent of the gross domestic product depending on the region In view of these numbers it s hardly surprising that the fi nancial markets response to energy transition has been positive too while the S P 500 Energy Index dropped by four percent between May 2016 and May 2021 the S P Global Clean Energy Index went up by 22 per cent However the above percentages are based on a global view In individual countries and regions energy transition may defi nitely leave painful inci sions especially where the extracting industries such as oil gas and coal account for a major share in economic output In this context the German Institute for International and Security Aff airs SWP says To the extent that energy supply increasingly becomes a technology and innovation driven pro cess it causes a shift in the participation of coun tries in the world trade and energy system Gains in economic welfare are thus recalibrated which has fundamental consequences for the world econom ic system How do aff ected countries cope with the fact that their fossil resources will have to remain in the ground in the wake of decarbonization How will the community of nations respond to these changing conditions Questions like these have to be answered as well Moreover it must be prevent ed that individual countries segments of the pop ulation or sectors suff er a disproportionately high burden due to energy transition or that energy at least in the short term becomes unaff ordable The bill please 43 SUSTAINABILITY

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