EC climate deal falls short on renewables targets
While the European Council has just agreed a new climate and energy deal that sets a binding domestic Greenhouse Gas Emissions (GHG) target of “at least” 40%, it has failed to agree ambitious targets for the share of energy from renewable sources and for energy efficiency.
The European Prince of Wales’s Corporate Leaders Group1, representing major EU businesses welcomed the agreement on the EU Energy and Climate package as a ‘major step forward’ but also warned on its shortcomings.
Philippe Joubert, Chair of The Prince of Wales’s Corporate Leaders Group said: “A united Europe committed to deliver at least 40% of reduction of greenhouse gas emissions can boost the momentum toward an agreement in international climate negotiations in Paris, speaking louder at the table and capitalising on its leadership.”
“However, with weak targets for renewables and energy efficiency and a low carbon price the EU must act urgently to unlock investment and spur the innovation needed to deliver its ambitions. In this respect we welcome the agreement to reform the EU emissions trading system and address the benefits of carbon capture and storage technology. ”
The group maintains that to deliver on the greenhouse gas emissions target the EU will now also need to put in place clear governance rules, legislation and standards to enhance the uptake of low carbon technologies and energy efficiency, especially in transport and buildings.