[ Renewable Energy Loses Out in Europe's "Lame-Duck" Climate Plan ]
London -- Wind and solar power producers say they're at risk of losing investment after the European Union's executive arm scrapped proposals for a mandatory target on renewable energy use in 2030. The EU is wrestling with how to reduce pollutants blamed for global warming while keeping a lid on electricity bills that sometimes are double U.S. levels. Companies including Vestas Wind Systems A/S, Alstom SA, Gamesa Corp. Tecnologica SA and Acciona SA lobbied for binding renewables targets, while the U.K. led a push against them to allow more space for carbon capture and nuclear power. The commission's proposal starts the debate among member nations about energy policy to 2030. It also called for a 40 percent reduction in carbon dioxide emissions by then, double the current aim to cut 20 percent by 2020. EU heads of government are due to discuss the program in Brussels in March.
British View U.K. Prime Minister David Cameron said in a letter to Commission President Jose Manuel Barroso in December that a renewables target would cost British consumers 9 billion pounds ($14.8 billion) a year by 2030. The commission's proposal would allow technologies such as nuclear power, carbon capture and storage and energy efficiency to be used in order to meet the EU's overall goal on carbon.
Subsidy Cuts Germany, France, Spain, Britain and Italy all have trimmed renewable energy subsidies in recent years after a boom in installations translated into more costly power for consumers. Investment in renewables in Europe fell 41 percent to $57.8 billion last year, according to data compiled by Bloomberg.
Renewable Supporters While the U.K. opposed binding renewables goals, other countries wanted them. Environment and energy ministers from eight nations, including Germany, France and Italy, wrote to EU Energy Commissioner Guenther Oettinger and EU Climate Commissioner Connie Hedegaard earlier this month calling for a binding 2030 target.
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Copyright 2013 Bloomberg
London -- Wind and solar power producers say they're at risk of losing investment after the European Union's executive arm scrapped proposals for a mandatory target on renewable energy use in 2030. The EU is wrestling with how to reduce pollutants blamed for global warming while keeping a lid on electricity bills that sometimes are double U.S. levels. Companies including Vestas Wind Systems A/S, Alstom SA, Gamesa Corp. Tecnologica SA and Acciona SA lobbied for binding renewables targets, while the U.K. led a push against them to allow more space for carbon capture and nuclear power. The commission's proposal starts the debate among member nations about energy policy to 2030. It also called for a 40 percent reduction in carbon dioxide emissions by then, double the current aim to cut 20 percent by 2020. EU heads of government are due to discuss the program in Brussels in March.
British View U.K. Prime Minister David Cameron said in a letter to Commission President Jose Manuel Barroso in December that a renewables target would cost British consumers 9 billion pounds ($14.8 billion) a year by 2030. The commission's proposal would allow technologies such as nuclear power, carbon capture and storage and energy efficiency to be used in order to meet the EU's overall goal on carbon.
Subsidy Cuts Germany, France, Spain, Britain and Italy all have trimmed renewable energy subsidies in recent years after a boom in installations translated into more costly power for consumers. Investment in renewables in Europe fell 41 percent to $57.8 billion last year, according to data compiled by Bloomberg.
Renewable Supporters While the U.K. opposed binding renewables goals, other countries wanted them. Environment and energy ministers from eight nations, including Germany, France and Italy, wrote to EU Energy Commissioner Guenther Oettinger and EU Climate Commissioner Connie Hedegaard earlier this month calling for a binding 2030 target.
Please click below to see full article.
Copyright 2013 Bloomberg