EU’s climate action & renewable energy package
I’ve been meaning for some time to comment on the European Commission’s Climate action and renewable energy package. The EU has committed to reducing its overall emissions to at least 20% below 1990 levels by 2020, which would be scaled up to 30% under a new global climate change agreement if other industrialised countries make comparable efforts. It has also set itself the target of increasing the share of renewables in energy use to 20% by 2020.
The proposed measures include:
- an improved emissions trading system (ETS) covering more emissions and allowing firms in one EU country to buy allowances in any other;
- an emission reduction target for industries not covered by the ETS (e.g. buildings, transport, waste) so that everyone is contributing;
- legally enforceable targets for increasing the share of renewables in the energy mix – the targets will reflect each country’s individual needs and its potential;
- new rules on carbon capture and storage and on environmental subsidies.
Powerful stuff: hopefully this will give the renewables industry in the UK a shot in the arm, but there are also plenty of sticks to push industry towards a low carbon future.