A European Union plan to cut greenhouse gas emissions to 55 percent below 1990 levels by 2030 is technically and economically possible, researchers said on Monday.
#ClimateAction: Getting tougher on #Climate is feasible for #EU, researchers say but European countries are divided over committing to deeper #CarbonEmission cuts, with resistance from eastern nations | Al Jazeera https://t.co/GRhHpPgLsm— PubAffairs EU News & Debates 🇪🇺 (@PubAffairsEU) August 24, 2020
The European Commission will next month propose a tougher EU climate goal for 2030, to steer the bloc towards its flagship target of net zero emissions by 2050, down from the nearly 4 billion tonnes of carbon dioxide equivalent it currently emits annually.
The Commission will propose a 50-percent or a 55-percent emissions reduction target for 2030 – up from an existing 40 percent goal. It would set the stage for planned EU reforms on taxation, energy policy and the carbon market next year.
“Achieving a 55-percent target is possible,” German-based think-tank Agora Energiewende executive director Patrick Graichen told the Reuters news agency. “And if it is feasible, why wouldn’t we go for it?”
In an analysis published on Monday, Agora Energiewende and German research centre Oeko Institut laid out how the EU could revamp its climate policies to deliver the goal.
The EU carbon market, which covers emissions from power plants, industry and European flights, has the greatest potential to cut emissions quickly, analysts say.
To deliver the 55 percent target, the researchers said emissions covered by the Emissions Trading System (ETS) should fall to 61 percent below 2005 levels, a much deeper cut than the 43 percent reduction the carbon market is designed to deliver by 2030.
That would require reforms to the carbon market, including reducing its cap on emissions by up to 5.4 percent annually from 2025, compared with the 2.2 percent reduction rate currently planned.
EU countries, which must approve the new climate target, are divided. Western and Nordic countries back the more ambitious level but eastern nations refuse to consider bigger cuts before seeing an assessment of the costs.
The researchers said there is “no credible pathway” towards a 55 percent target for 2030 without a bigger contribution from states such as Poland and the Czech Republic, which say the economic fallout from the coronavirus pandemic will make climate goals more challenging.
To help low-income countries, the EU should earmark funds in its next budget for local building renovations and electric vehicle charging infrastructure, the researchers said.
Another option would be an EU-wide system of auctioning emissions permits for sectors not covered by the carbon market, with proceeds channelled to poorer states.
- Deadline for Domestic Debt Exchange Programme extended to Feb 7
- Petrol, diesel now sell at ¢15.25, ¢15.90 per litre at pumps
- Trader jailed for causing harm to ‘Good Samaritan’
- Stonebwoy revisits VGMA brawl with Shatta Wale on The Breakfast Club
- UTAG-GIJ threatens to withdraw from UniMac merger
- Debt exchange: I don’t want to believe there are conmen in government – Carbonu on pensions
- Football transfers: Kamaldeen Sulemana chooses Southampton over Everton
- Fire kills mother, 2 daughters at Abuakwa
- Police investigate alleged murder of Gospel musician’s brother by officers
- DDE: State regulators accommodating fiscal slippages is what has brought us here – Prof. Bokpin
- We did not know Mac Iyalla was a gay activist – Nkusukum Traditional Council
- GSE grants ESLA, Daakye, 3 others extension to submit 2022 unaudited financial statements
- FBI search President Biden’s home in Delaware
- NDC chides Akufo-Addo’s government for mismanagement of Covid-19 funds
- Investor appetite for Ghana’s petroleum sector dips significantly – Alliance of CSOs
- DDE: Labour holds government to ‘exemption to all pension funds’ promise
- Own your look with oraimo’s shaving products for the perfect shave
- Enough is enough – Sergio Manucho fumes at ungrateful musicians
- 4 suspects in Haiti president’s killing sent to US
- Francis Addai Nimoh formally declares intention to contest for NPP flagbearership race
- Full text: NDC’s Moment Of Truth speech on Auditor-Generals Report on government’s Covid expenditures
- EU, Agribusiness Chamber to launch a platform to increase investments in agric
- I’ve been loyal to NPP despite being sidelined by Akufo-Addo – Addai-Nimoh
- Akufo-Addo approves NHIA Free Elderly Care Policy
- National Rental Assistance Scheme is public-private partnership – Housing Ministry