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Founded by Prince Michael of Liechtenstein

Our mission:Advice based on facts, not ideology

EU’s new climate-change targets will drive industry towards US and China

The European Commission is doubling its targets to reduce carbon dioxide emissions by 2030 (photo: dpa)

General info

Location

United States

Date

10 February 2014

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Author

Dr. Frank Umbach

Dr. Frank Umbach is the research director of the European Centre for Energy and Resource Security (EUCERS) at King’s College, London; adjunct senior fellow at the S. Rajaratnam School of International Studies (RSIS) at the Nanyan Technological University (NTU) in Singapore; ...

The European Commission is doubling its targets to reduce carbon dioxide emissions by 2030 in a new energy strategy released in January 2014. But climate change policies alone will not work. They will drive Europe’s energy-intensive and manufacturing industry out of Europe to the US and emerging markets where lower environmental and climate protection policies will increase greenhouse gas emissions globally.

<i>The European Commissions’ new energy strategy and headline targets for reducing carbon dioxide emissions by 40 per cent by 2030, and adopting a binding 27 per cent share of renewables in energy consumption, can be seen as a step in the right direction. The EU’s common ene...

Contents

Three targets
Largest investor
Energy imports
Increasing costs
Industrial decline
Price differences
Carbon allowances
Increasing emissions

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The new strategy and targets for 2030 indicate a paradigm change and new priority setting by enhancing the factor of economic competitiveness for the EU’s ‘industrial renaissance’