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Monday, 17 June 2024

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EU to curb carbon emissions through renewables (and nuclear)

Europe will tomorrow call for "a new industrial revolution" aimed at promoting renewable energy and nuclear power in order to fight climate change. All this is expected to bring emissions back to at least 20% below 1990 levels. In order to achieve the new goal, a series of proposals have been based on the prediciton that the price of oil will reach $110 in the coming years. The Commission's report is expected to be released tomorrow. In the new low-carbon scenario, wind and nuclear power will provide around three-quarters of electricity generation. The rest of CO2 cuts is expected to come from new plants with CO2 capture and storage.

"The economic case for taking action to manage climate change is beyond dispute," Mr Durao Barroso, President of the European Commission, said last week referring to America's refusal to sign the Kyoto Protocol. "We have much to gain from teaming up, despite our differences." The European Commission seems to be not only concerned with the envirionmental issues that this refusal is bringing along, but also the competitive advantage that countries such as America or China are getting for not having committed to Kyoto targets.

As part of the new energy scenario to be suggested by the European Commission, another EU internal fight is expected to occur as the European Commission is expected to break up the monopolist energy markets operating in some countries, in an effort to introduce more competition.

For additional information:
http://ec.europa.eu/index_en.htm
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