April 29, 2021

TAX WHAT YOU DON'T WANT:

EU Green Deal could phase out European coal by 2030 (Joshua S Hill,  29 April 2021, Renew Economy)

Despite the naysayers, researchers from the Potsdam Institute for Climate Impact Research set out to quantify the expected shifts in Europe's electricity system stemming from the new EU climate target.

Key amongst their findings is a guarantee of higher carbon prices which will not only help to cut emissions but will also accelerate the transition to an inexpensive electricity system powered by renewable energy sources.

"Once the EU translates their recently adjusted target of cutting emissions by at least 55% in 2030 in comparison to 1990 into tighter EU ETS caps, the electricity sector will see fundamental changes surprisingly soon," said Robert Pietzcker, one of the lead authors from the Potsdam-Institute for Climate Impact Research (PIK).

"In our computer simulations of the new ambitious targets, this would mean that renewables would contribute almost three fourths of the power generation already in 2030 and we would reach zero emissions in the power sector as soon as by 2040. Once the change is initiated, it can gain speed in an unprecedented way."

Posted by at April 29, 2021 7:33 AM

  

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