On Tuesday 24 February, Members of the European Parliament will cast a crucial vote on the future of Europe’s flagship climate instrument, the EU’s Emissions Trading System (EU ETS). Failure to reform Europe’s carbon market could sink the emerging network of global carbon trading systems and have profound consequences for the success of the international climate summit in Paris at the end of this year.
In October 2014 EU leaders agreed to at least 40% binding domestic greenhouse gas reduction target by 2030 compared to 1990. This significant move away from allowing the use of international offsets also puts into question the EU’s plans to link up carbon markets under a new climate treaty. Experience from the EU’s carbon market shows why international eligibility criteria for participation in the global carbon market are needed.
During the night of 23 October 2014, EU leaders brokered a deal on the 2030 climate and energy headline targets. EU’s Heads of States settled on an EU-binding renewable energy target of at least 27%, an indicative energy efficiency target of at least 27% and an at least 40% binding domestic greenhouse gas reduction target …
Today the EU’s Heads of State agreed on the main elements of EU’s 2030 climate and energy package and decided that policies for the land use, land use change and forestry (LULUCF) sector will be established before 2020.
24 October 2014, Brussels. Today’s decision on a 40% greenhouse gas reduction target by 2030 is contaminated by excess emission allowances from the current system that will water down the real-world reduction to 31%. EU leaders agreed on new trading options that avoid necessary mitigation measures in important sectors such as transport and buildings. At the same time they agreed on subsidies to manufacturing industries in the form of free pollution permits that could reach up to €300 billion between 2021-2030.
Scroll down for French and German Brussels, 20 October. This week EU Heads of State are expected to agree on new headline targets for the EU’s 2030 climate and energy framework, including a target to reduce the EU’s greenhouse gas emissions by at least 40% by 2030 within the EU’s territory. Flexibility options to make …
The latest leak of the 2030 Council Conclusions (dated 16 October 2014) provides further reason to worry about the future integrity of our 2030 climate target. As explained in our previous reaction from 2 September (see here), due to technical loopholes in the current climate framework, 4 billion tonnes of hot air will accumulate which …
Read more “Carbon Market Watch reaction to the leaked 2030 Council Conclusions”
On 23 and 24 October 2014, EU’s Heads of State will determine Europe’s future action to avoid dangerous global temperature rise. It is expected that they will propose to reduce Europe’s domestic greenhouse gas emissions by merely 40% below 1990 levels by 2030. While this target is not nearly enough to combat climate change, some governments …
Read more “Europe’s leaders must protect the 2030 climate target from loopholes”
For the last couple of years, the European carbon market has failed to provide a signal for decarbonisation with carbon prices hovering around 5 euros for a tonne of CO2. To address this, earlier this year, the European Commission proposed to reform the EU’s Emissions Trading System (EU ETS) in order to provide a more …
Read more “EU carbon market reforms must go further and arrive sooner”
On 23 and 24 October 2014, EU’s Heads of State will determine Europe’s future action to avoid dangerous global temperature rise. At this important date, it is expected that they will propose to reduce Europe’s domestic greenhouse gas emissions by 40% below 1990 levels by 2030. Of course, this proposed target is not nearly enough …
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