Europe should invest heavily in efficiency to limit energy costs and beat its own target to cut greenhouse gas emissions, the European Commission said in a report expected to be published yesterday.
|||Europe should invest heavily in efficiency to limit energy costs and beat its own target to cut greenhouse gas emissions, the European Commission said in a report expected to be published yesterday.
“Without action the oil and gas import bill could instead double compared to today, a difference of e400 billion (R3.8 trillion) or more per annum by 2050, the equivalent of 3 percent of today’s GDP (gross domestic product),” said the final version of the commission’s proposal to cut greenhouse gas emissions by 80 percent by 2050.
The proposal has still to be discussed by the bloc’s member states before it can be formally implemented, which is not expected until the second half of this year.
Europe should invest an additional e270bn annually to control its energy costs, the roadmap said. The prospect of a rising fuel bill following a wave of unrest in the Middle East and north Africa has hit European equities markets.
The “roadmap for moving to a competitive low-carbon economy in 2050” says the EU is on track to cut greenhouse gas emissions by 20 percent by 2020, compared with 1990 levels, but will only meet half of its 20 percent energy efficiency target by 2020.
If the EU delivers on its current policies by 2020, including its renewable energy and efficiency goals, it will be able to outperform its current 20 percent emissions cut target and achieve a 25 percent reduction by 2020, says the roadmap.
“We now have some real meat on the bones for a serious discussion about moving to a 30 percent target,” E3G senior associate Sanjeev Kumar said.
Some of the largest companies in Europe said the roadmap fell short. – Reuters
Source: http://www.iol.co.za/eu-urged-to-limit-energy-bill-1.1038916
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