Carbon neutrality in Europe by 2050 will be impossible to achieve through a price signal alone

Europe is committed to achieving zero net CO 2 emissions by 2050. This initially requires a reduction in emissions of about 5% per year. The question here is: Whether this type of CO 2 emission reduction can be achieved through a sufficient "price signal" (CO 2 floor price); Or whether the price signal needs to be supplemented by regulatory measures or obligations. The price and income elasticities of fossil fuel consumption and CO 2 emissions in the euro zone are -0.03 and 0.82. The price elasticity is therefore particularly low. So using market mechanisms based on the price signal is not enough, there is unfortunately also a need to use "punitive ecology": regulations and constraints if the objective is to eliminate CO 2 emissions.