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    Europe’s 'Solo Effort' to Cut Emissions May Lead to Billions in Losses: German Industries

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    If Europe decides to act alone in an effort to produce less carbon emissions, it could lead to billions in losses, a spokesperson for Energy Intensive Industries of Germany (EID) said Wednesday.

    MOSCOW, October 22 (RIA Novosti) - If Europe decides to act alone in an effort to produce less carbon emissions, it could lead to billions in losses, a spokesperson for Energy Intensive Industries of Germany (EID) said Wednesday.

    "If Europe chooses a solo effort through a one-sided climate protection target of 40 percent less emissions, it would mean billions in losses for us that our global competitors would not otherwise have gained," Utz Tillmann told EurActiv news outlet.

    "The damage done to competitiveness among energy-intensive companies in the EU would be considerable," he added.

    Tillmann noted that existing Emissions Trading Scheme's compensation measures are not sufficient to cover future losses, which would weaken European companies' positions against competitors.

    On October 23 and 24, European Union leaders are expected to decide on the 2030 policy framework for climate and energy. The framework, proposed by the European Commission in January, is aimed at making the EU economy and energy system more secure and sustainable.

    The framework targets to reduce EU greenhouse gas emissions by 40 percent by 2030, aiming to create a secure and competitive energy system in the region, however, it is the competitiveness of European companies that EID deems to be threatened.

    Tags:
    European Commission, ecology, greenhouse effect, carbon emissions, European Union
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