Title page 1

Contents 1

Abstract 5

Acknowledgements 5

Introduction 6

1. Limitations of the current industrial policy initiatives in Europe 7

1.1. Electrification as an alternative for the dependency of imported fossil fuels 7

1.2. Industrial policy initiatives of the previous European Commissions 8

2. What might the future look like if we go all in on electrification? 10

2.1. How might the EU electricity sector look like in 2050 if we go all in on electrification? 10

2.2. How might the EU energy intensive industry look like in 2050 if we go all in on electrification? 12

2.3. How might the materials and circularity industry look like in 2050 if we go all in on electrification? 13

Conclusions 13

Annex 1. Comparison with other economic areas 15

Annex 2. Energy analysis of biomass potential for bio-chemistry 16

Annex Figures 16

Figure A2.1. Fuels going through to Final non-energy consumption (say material production) 16

Figure A2.2. Renewable energy input in EU27 in 2019 17

Figure A2.3. Final renewable energy use 17