Ducking the argument on 30 per cent will put us in the global slow lane. Early action will provide our industries with a vital head start.
14th July 2010
"If we stick to a 20 per cent cut, Europe is likely to lose the race to compete in the low-carbon world to countries such as China, Japan or the US – all of which are looking to create a more attractive environment for low-carbon investment."
Chris Huhne, Norbert Röttgen and Jean-Louis Borloo advocate the EU moving to a higher carbon-cut target in the FT:
Europe’s current focus on recovery from recession must not distract us from the question of what kind of economy we want to build. Unless we set our countries on a path to a sustainable low-carbon future, we will face continued uncertainty and significant costs from energy price volatility and a destabilising climate.
This is why we today set out our belief that the European Union should raise its emissions target. A reduction of 30 per cent from 1990 levels by 2020 would represent a real incentive for innovation and action in the international context. It would be a genuine attempt to restrict the rise in global temperatures to 2°C – the key climate danger threshold – stiffening the resolve of those already proposing ambitious action and encouraging those waiting in the wings. It would also make good business sense.
The current target of a 20 per cent reduction now seems insufficient to drive the low-carbon transition. The recession by itself has cut emissions in the EU’s traded sector by 11 per cent from pre-crisis levels. Partly as a result, the price of carbon is far too low to stimulate significant investment in green jobs and technologies.
If we stick to a 20 per cent cut, Europe is likely to lose the race to compete in the low-carbon world to countries such as China, Japan or the US – all of which are looking to create a more attractive environment for low-carbon investment.
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