Brussels, 11/06/2013 (Agence Europe) - Unless the EU makes up for the failings of its emissions quota trading system due to the over-allocation of quotas, it will have to make an additional reduction of 7% in greenhouse gas emissions as part of its climate action for 2030, according to a new report published on Tuesday 11 June by the consulting group, Ecofys. At a time when many questions are being raised about the future of short-term emissions trading reform aimed at bringing up the price of carbon per tonne, which has fallen to a historic low, and at a time when the debate is now launched on the 2030 objective, this report comes just at the right time for climate activists such as Greenpeace.
The report entitled “The Next Step in Europe's Climate Action: Setting targets for 2030” reveals that, without EU intervention on the market to come to the rescue of the emissions trading scheme (ETS), an extra 7% saving must be made to its carbon emissions as part of the 2030 climate action in order to absorb the surplus ETS quotas. It also shows that, without taking into account the effect of the current quota surplus, and admitting that the EU manages to reduce its emissions by 25% by 2020, the EU's objective for 2030 should be a reduction in its emissions of around 49% compared to 1990 (average objective in the range of 39%-79%).
“It is essential for the effectiveness of the EU's emissions trading system that the trajectory of the EU's greenhouse gas target until 2030 is set in a way that takes into account any pre-2020 surplus. Given the currently expected surplus, the 2030 target or the trajectory towards it would need to be significantly more stringent than otherwise”, commented Nicklas Höhne, Ecofys Director of Energy and Climate Policy.
In its roadmap towards a low-carbon economy by 2050 published in March 2011 and in its Green Paper on the integrated future framework of climate and energy policies by 2030 (see EUROPE 10816), the Commission mentions a 40% emissions reduction as a necessary objective for 2030. In May, the United Kingdom suggested a 50% reduction for 2030.
“This report shows the 40% 2030 carbon target put forward by the European Commission is woefully inadequate, especially given the impact of a failing ETS. The EU needs a stricter 2030 target if it wants to keep the ETS alive and avoid the most severe effects of climate change”, commented Joris den Blanken, Greenpeace EU Climate Policy Director.
After the vote on 16 April at the European Parliament, which referred back to committee the short term ETS reform proposal, a new vote by the environment committee of the Parliament is scheduled for 19 June. The European Commission's proposal aims to defer the timetable for “backloading” of 900 million surplus quotas on the carbon market at the beginning of the third trading period (2013-2015), to be gradually introduced on the market between 2016 and 2020. The European Parliament will vote in plenary in July. (AN/transl.jl)