Socio-economic implications of implementing a carbon-neutral energy system: A Green New Deal for Italy

Climate change mitigation necessitates the decarbonisation of energy systems, societies and economies. This work investigates the socioeconomic impact of the Italian energy transition, applying a bottom-up energy model for simulating a 100 % renewable energy system and demonstrating its technical and economic feasibility. Investment of 1.2 trillion euros is needed, around 50 billion euros annually, focusing on renewable and sector coupling technologies, hydrogen value-chain, energy infrastructure modernisation, and energy-saving measures. A 100 % renewable energy system would have slightly higher annual costs compared to a fossil fuel-based system under stable prices, but significantly lower costs compared to the recent energy crisis. Same considerations can be made for the overall system cost of electricity production and storage, which is 52 €/MWh by 2050. Decarbonisation costs can be null for gas prices above 30 €/MWh. The employment impact is 1.4 million new jobs, and for each job lost, about three green jobs can be created. Energy transition cannot be considered merely a strategy for modifying the energy system configuration but can represent a plan for a radical transformation of the economy and society. Energy, economic and environmental planning is crucial to steer investments, develop economic sectors, increase employment and promotes a just energy transition.