US fracking revolution dilutes EU climate & energy plan

On the face of it, this week’s EU climate and energy package, with its targets for cutbacks in emissions of greenhouse gases (GHG) and the uptake of renewable energy up to the year 2030, looks impressive.

The central element in the package is a binding EU-wide 40% reduction in GHG emissions over 1990 levels by 2030. Significantly, this has to be achieved “through domestic measures alone” – meaning member states can’t meet emissions reductions obligations by making offsetting GHG cutbacks in other countries.

There’s also a binding target of achieving at least a 27% share of the European energy mix from renewables by the same year and plans for a major overhaul of the EU’s ill-performing Emissions Trading System (ETS), with the aim of lifting the market price for carbon and encouraging emission reductions across the industrial sector.

“If all other regions were equally ambitious about tackling climate change, the world would be in significantly better shape”, says Connie Hedegaard, the EU Climate Commissioner. — Full Story at Eco-Business

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