European leaders wrapped up a two-day climate summit in Brussels last week with a deal to cut the European Union’s total greenhouse gas emissions to 40 percent below 1990 levels. This would continue a downward trend – the EU is already on track to meet a 20 percent reduction from 1990 levels by 2020 – but the agreement is weak relative to Europe’s prior ambitions to confront climate change.
Investors in green tech pushed aggressively for the deal, seeking a longterm signal that the European market will continue to reward advances in energy efficiency and low-carbon energy production. The deal is also a shot in the arm for the Paris global climate talks, scheduled for December 2015, which will seek to achieve the decisive binding global targets for greenhouse gas reductions that failed to emerge from the 2009 Cophenhagen climate talks.
What the deal lacks is specificity and ambition regarding the mechanisms by which European countries are to achieve the carbon reduction. “Key aspects of the deal that will form a bargaining position for global climate talks in Paris next year were left vague or voluntary,” reported The Guardian. Continue reading “EU Climate Summit Commits to 2030 Carbon Cuts”