26 May 2010: The European Commission has released an analysis of the costs, benefits and options for moving beyond the EU’s 2020 greenhouse gas (GHG) emission reduction target from 20% to 30% below 1990 levels, once the conditions are met.
The Commission issued a Communication, titled “Analysis of options to move beyond 20% GHG emission reductions and assessing the risk of carbon leakage,” which sets out options for meeting the 30% target including: reducing the number of auctioned allowances under the EU Emission Trading System (EU ETS); developing regulation to promote greater energy efficiency; using fiscal instruments; directing EU cohesion policy funding towards green investments; and improving the environmental integrity of the international carbon credits recognized in the EU ETS. The Communication is addressed to the EU institutions for their consideration. [EU Press Release] [The Communication]