The EC’s plan to reduce the bloc’s emissions by 55% by 2030 compared to 1990 levels, instead of the previously agreed 40%, is very welcome but its implementation plan is flawed, says William Todts at Transport & Environment. The EU Emissions Trading System (EU ETS) won’t be enough on its own. So the plan allows nations to include “managing” forests and “tree plantations”, a big change because forests were not part of previous emissions … [Read more...]
Europe’s 55% emissions cut by 2030: proposed target means even faster coal exit
The EC is proposing a target emissions reduction of 55% by 2030 compared to 1990 levels, instead of the previously agreed 40% (which the EU is on course to surpass). The main tool for achieving it will be the EU Emissions Trading System (ETS). Prices for allowances will rise, making coal increasingly uncompetitive. Sören Amelang, Kerstine Appunn and Julian Wettengel at CLEW talked to a number of experts who say the new target implies a near total … [Read more...]
Will Member States support the EC’s green recovery plan?
The EC’s “Next Generation EU” plan for a joint loan of €750bn is a major breakthrough as it accepts the need for the member states to share a large debt burden to revive the EU economy. It will be in addition to the European budget under discussion before the pandemic crisis. The other breakthrough is that green policies – climate neutrality, biodiversity, “food-to-fork” - are central, explains Nicolas Berghmans at IDDRI. He summarises the plan, … [Read more...]
IEEFA Germany: RWE’s coal phaseout compensation demands defy market prices
How much should the coal producers be compensated for Germany’s phaseout? RWE wants €1.2bn per GW at least, basing its maths on an EU-approved scheme from 2015. But Gerard Wynn, writing for IEEFA, says too much has changed since then, not least the Paris Agreement and the actual market price for coal assets. By his calculations, the true price should be under €100m per GW down to near zero. Vattenfall and Engie have already taken such a hit. … [Read more...]
Russia to consider ratification of Paris Agreement
In Russia a report on formally joining the climate deal is due for completion by the end of the month. Russia has signed the Paris Agreement but not ratified it, and is the largest GHG emitter of the 13 nations not to have done so. To help change the mindset a key industry lobby has reversed its opposition. They join supporters who warn that non-ratification can now undermine international trade deals, and fossil fuels are inefficient and costly. … [Read more...]
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