Connect with us

Hi, what are you looking for?

CleanTechnica

Climate Change

Report: Stronger EU CO2 Target Would Benefit Country that Blocked It, & Cost EU Citizens a Few Cups of Coffee on Average

 

Research released by Bloomberg New Energy Finance (BNEF) at the end of last week noted that, on average, stronger EU policies would cost “no more than the equivalent of a few cups of coffee.” Furthermore, some countries, including the country that blocked this stronger target, would actually see a net economic benefit. And this is all just in the short term, of course.

The point of the research was to try to determine exactly how much an increased EU CO2 reduction target of 30% by 2020 (from the current 20% by 2020) would cost — such a target was knocked down by Poland last month.

“Our analysis shows that increasing the 2020 target to 30% from the current 20% would result in an additional cost of €3.5bn on average per year for the EU as a whole, from 2011 to 2020,” Guy Turner, head of carbon and power research at Bloomberg New Energy Finance, said. “This is equivalent to 0.03-0.04% of EU GDP, or €7 to €9 per inhabitant per year. Clearly, a more ambitious policy would not be nearly as painful as some countries fear.”

Notably, some of the less affluent countries (including Poland!) would benefit from such a policy. Here’s more info on that:

Some countries stand to receive an economic benefit from any move to a 30% target, specifically Belgium, Bulgaria, Czech Republic, Estonia, Hungary, Lithuania, Poland, Romania, Slovakia and Slovenia. These countries benefit by being able to sell surplus carbon allowances to other EU countries that are short of them. The first group will have those surpluses because its members will be able to make use of more low-cost abatement opportunities, such as energy efficiency improvements, and because of the structure of the proposed targets that take into account differing levels of national income across Europe. Some of these countries would benefit by up to 0.5% of GDP.

So, the country (where I live) that blocked this improved target would have actually benefited economically from the change. Irony?

Think Poland would change course on this with the new information? That would be nice, but I’m skeptical, given that Polish electricity predominantly comes from a rich and powerful coal industry.

For more detail, read the BNEF report [PDF].

Source: BNEF
Image: girls drinking coffee via Shutterstock

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

Zach is tryin' to help society help itself one word at a time. He spends most of his time here on CleanTechnica as its director, chief editor, and CEO. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, Canada, and Curaçao. Zach has long-term investments in Tesla [TSLA], NIO [NIO], Xpeng [XPEV], Ford [F], ChargePoint [CHPT], Amazon [AMZN], Piedmont Lithium [PLL], Lithium Americas [LAC], Albemarle Corporation [ALB], Nouveau Monde Graphite [NMGRF], Talon Metals [TLOFF], Arclight Clean Transition Corp [ACTC], and Starbucks [SBUX]. But he does not offer (explicitly or implicitly) investment advice of any sort.

Comments

You May Also Like

Clean Transport

Recent data suggests passenger electric vehicles may be poised for exponential growth over the next decade. They're still early in a projected trajectory, with...

Clean Transport

Cox Automotive knows the car business better than anyone — and they're pushing everyone electric!

Agriculture

However welcoming it looks, a lawn provides virtually no habitat for pollinators and other animals and plants that make up a healthy, diverse ecosystem....

Climate Change

EarthRights International identified 152 cases in the past 10 years where the fossil fuel industry has used strategic lawsuits against public participation and other...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.