European energy and climate policies
European climate policy
On 23 October 2014 the Heads of State and Government of the EU agreed on new goals for their climate and energy policies. These shall result in reduced greenhouse gas emissions of at least 40% (compared to the 1990 level) by 2030, thereby expanding the mandatory reduction in greenhouse gas emissions – minus 20% by 2020 – that had been defined in the European Parliament’s 2009 climate and energy package. Another target includes an increase in the share of renewable energy in the total energy mix from originally 20% in 2020 to now 27% in 2030. Furthermore, a 27% improvement in energy efficiency over the 2007 level by 2030 is intended, compared to the target for 2020 which lay at 20%.
The European Union reacted to the high surplus of CO2 certificates that resulted from the general economic weakness and lower demand in 2009 and 2010 by temporarily reducing the supply in the European emission trading system. This step was designed to support a sustainable increase in the certificate price. The number of certificates for the period from 2014 to 2016 was cut by 900m and the related auction was postponed to 2019 and 2020 (“backloading“).
- GRI indicator: Allocation of CO2 emissions allowances (EU5)