M&A Advisory services for the energy and infrastructure industries
M&A Advisory services for the energy and infrastructure industries
EU leaders agree to cut greenhouse gas emissions by 40% by 2030.
A new agreement on reducing greenhouse emissions and energy use across the EU was reached last week. The EU has agreed a broad climate change pact obliging the EU as a whole to cut greenhouse gases by at least 40% by 2030. The absence of national targets can be viewed in two ways: first it lets individual countries to decide what is best for them, second it allows some internal trading on emissions for those countries that are more locked into a higher carbon path going forward. Two other targets were agreed – a target for a 27% renewable energy market share and increase in energy efficiency improvement of 27%. The former would be binding only on the EU as a whole. The latter would be optional, although it could be raised to 30% by a review in 2020. The anticipated 40% greenhouse gas cut by 2030 would be measured against benchmark 1990 levels, see ec.europa.eu/clima/policies/ets/reform/documentation_en.htm. The EU would like to think this puts pressure on the USA and China to respond favorably in joining Kyoto framework adopters.
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