The EU needs €350bn/year from private investors to fill the Green Deal’s funding gap. The rules for the new green bonds that companies can issue to raise money are supposed to set a “gold standard”, ensure there’s no greenwashing, and make Europe the best place to invest your money sustainably. Benjamin Wehrmann at CLEW summarises the new strategy that was presented on 6th July, and has gathered reactions. Particular attention is paid to … [Read more...]
Climate Neutral Cities can be the key to winning public support for the European Green Deal
The EC is currently considering a mission proposal to achieve “100 climate neutral cities by 2030 – by and for the citizens”. Arguing for its endorsement and the proposed umbrella governance, Simon Skillings and Eleonora Moro at E3G explain why cities are an ideal laboratory for tackling the big unanswered question: which European Green Deal (EGD) pathways will win genuine public support. No one should doubt that the EGD will be disruptive. So … [Read more...]
Coal Phase-Out in Central Europe: cooperation is better than law suits
On Monday (February 22nd 2021) the Czech government announced their intention to file a lawsuit in the EU Court of Justice against Poland’s plan to “expand the mining” at Turow, saying it can endanger the drinking water for up to 30,000 people living in the Liberec Region. Frank Umbach at EUCERS argues such a lawsuit sets a dangerous precedent that could stand in the way of regional cooperation and achieving the EU’s climate goals. Instead, the … [Read more...]
EU Buildings Renovations: get ready for minimum energy performance standards (MEPS)
To meet Europe’s 2030 climate targets the buildings sector must cut its emissions by 60%. That means annual renovations need to jump by an order of magnitude; at the moment it’s crawling at 1% per year. Worse, standard renovations save very little energy, just 9% in homes and 16% in commercial buildings. It’s the deep renovations that cut energy by 60% or more, but that’s only happening to under 0.3% of the stock. Louise Sunderland at RAP … [Read more...]
Carbon Border Adjustments: can the EU create a mechanism that is fair?
The proposed EU carbon border adjustment mechanism (CBAM) is meant to control imports of high-carbon goods from places that are not bound by Europe’s rising de-carbonisation rules. The obvious targets are commodities like steel, aluminium and cement. But it could be extended to all EU imports, including agricultural products. Michel Colombier at IDDRI warns that the EU is in danger of not listening nearly enough to its trading partners. He … [Read more...]
EU Taxonomy: Gas as a transition fuel needs Green Deal support too
PGE Group is Poland's largest energy company. Its transformation plan targets a 50% share from renewable generation and an 85% reduction in CO2 emissions by 2030. By 2050 it intends to have net zero CO2 emissions and provide 100% green energy to its customers. As with all nations around the world, and certainly in the EU, successful transitions depend on capital flows to the right sectors, signposted by policies and support. What does and does … [Read more...]
The dangers of using Climate Policy as a Social Justice tool
Cap-and-trade has been criticised in California for allowing big emitters to pay their way out of reducing emissions and cause pollution. It’s become a social justice issue as poorer communities tend to be located near where the pollution is being created. James Bushnell at the Energy Institute at Haas warns that such clashes are being caused by the mistaken view that climate policy should be a major tool for reducing inequality. In fact, some … [Read more...]
The top Clean Energy developments of 2020
The world is still a long way off the pathway to meeting our emissions goals. But 2020 saw a number of major steps in the right direction. Laurie Stone at RMI presents a list of what has been achieved and which trends and new policy commitments are pointing us towards a much needed faster transition. They include coal’s decline, wind and solar’s growing competitiveness (even compared to gas), the promise of green hydrogen, bans on gas/petrol … [Read more...]
Europe’s Deep Buildings Renovations need to quadruple
The European Green Deal must grasp the opportunity to kick-start buildings renovations, says Thibaud VoĂŻta at the IFRI Center for Energy & Climate, summarising his report “The Renovation Wave: A Make or Break for the European Green Deal”. A lot of European buildings are old, and progress is slow. Stiffer regulations have helped, and household energy efficiency has risen by 30% since 2000. But the number of deep building renovations completed … [Read more...]
The energy transition needs some of the $12tn global Covid stimulus. But much less than you think
Governments worldwide have committed over $12tn to recover from the Covid-19 pandemic, spent over the next 5 years. Current estimates say the energy transition needs $1.4tn/year globally between 2020 and 2024 to get us on the path to meet the 1.5oC Paris goal. Clearly, there is an opportunity here. Although support for healthcare systems and the overall economy are the stated priority of governments, much of that $12tn is still not committed. … [Read more...]
France’s recovery plan: will support for emissions-high sectors compromise a new Green economy?
The French recovery plan, formally presented today, combines emergency rescue measures, economic stimulus and longer-term investments. A substantial €32bn out of the €100bn budgeted is earmarked for the green economy. But SĂ©bastien Treyer at IDDRI asks whether rescue measures for traditionally emissions-high sectors - tourism, aviation, automotive, buildings, agri-food – will collide with climate targets. He references studies that should be used … [Read more...]
BP’s world energy review: 2019 saw clean electricity match coal
Simon Evans at Carbon Brief summarises BP’s 69th edition of its influential annual statistical review of world energy, looking at 2019. Overall, total energy demand rose, though slower than usual. Renewables were the largest source of new energy, but were closely followed by oil and gas. Coal use dropped again, the fourth drop in six years, thanks to historic declines in the EU and the US. But continued growth in SE Asia, China and India leaves … [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...]
EU Recovery Package mustn’t sideline Green R&D
Today (Wednesday 27 May) the EC releases its COVID-19 Recovery package and Multiannual Financial Framework. The Green Deal and net-zero ambitions are expected to be a substantial part of it. Eleonora Moro and LĂ©a Pilsner at E3G draw attention to Research & Innovation (R&I, or R&D), often in danger of being seen as a luxury in times of crisis because the big wins are not immediate. Already, the EU could do much better. Looking at … [Read more...]
How Eurobonds can raise trillions for recovery and the Green Deal
EU nations have lined up for and against any form of Eurobonds, including Coronabonds, that would mutualise vast amounts of debt across all the member states. Yet vast amounts are needed to recover from this unexpected and unprecedented global slump caused by the Coronavirus pandemic. Where will it come from? Luca Bonaccorsi at Transport & Environment explains EC president Ursula von der Leyen’s proposal for how the EU budget (on its own, … [Read more...]
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