GENERICO.ruWorldFT: EU prepares to sacrifice climate to reduce dependence on Russia

FT: EU prepares to sacrifice climate to reduce dependence on Russia


Chemical plant, Germany. File photoMOSCOW, May 18.The European Union wants to raise 20 billion euros through the sale of additional carbon credits to finance the Union's withdrawal from Russian energy resources, the British newspaper Financial Times writes, citing sources. According to European sources, the European Commission is considering auctioning off part of the greenhouse gas emission certificates gases from the market stability reserve fund. The commission's plan involves the sale of 200 to 250 million certificates from the reserve. According to sources, the European Commission plans to allocate about 200 billion euros by the end of the decade to get rid of dependence on Russian energy. The funds are planned to be invested in new infrastructure and alternative supply chains. According to the newspaper, one of the consequences of selling more certificates will be a drop in the price of carbon credits, which will reduce the cost of using coal, oil and gas. This, in turn, could affect the achievement of EU emission reduction targets as part of the transition to climate neutrality.” Flooding the market with ETS certificates will only increase emissions and make it even more difficult to achieve the Fit for 55 targets (reducing greenhouse gas emissions by 55% – ed. .). This is bad climate policy,” an unnamed EU diplomat told the publication. on quotas and distributed among the objects. If a facility's emission level is above the quota level, then it must purchase an additional emission permit.The US will propose to Europe to impose duties on oil from Russia, media reportsThe system covers about half of the EU's emissions and extends to power generation, oil production, the steel and construction industries, the paper industry, domestic civil aviation and others. The EU ETS was launched back in 2005, but up to until 2013, the vast majority of permits were issued free of charge. Then the rules were tightened, and already at least 40% of quotas were distributed through auctions, and the total number of allocated permits began to decrease annually. Finally, since 2021, approximately 57% of the total number of quotas has been traded. The EU has set itself the goal of achieving climate neutrality by the middle of the century – when the total amount of emissions of harmful gases into the atmosphere will be zero. It can be achieved by reducing emissions and using technologies to capture and store harmful gases. The transition to climate neutrality will require a restructuring of energy production and consumption, a serious reduction in emissions, and an increase in the consumption of renewable energy.

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