22:07 GMT +323 June 2017
Live
    In this Monday, Nov. 24, 2014 file photo, smoke streams from the chimneys of the E.ON coal-fired power station in Gelsenkirchen, Germany

    Energy Industry Could Cut Emissions by 80% and Enhance Competitiveness

    © AP Photo/ Martin Meissner, File
    World
    Get short URL
    0 8543

    According to the new Carbon Market Watch report, energy intensive industries can cut CO2 emissions by 80 percent and enhance their competitiveness at the same time.

    MOSCOW (Sputnik) Energy intensive industries can cut CO2 emissions by 80 percent and enhance their competitiveness at the same time, however, to do so a reform to the EU Emissions Trading System (EU ETS) is needed, it was claimed in the new Carbon Market Watch report published on Wednesday.

    "Under the EU ETS, energy-intensive industries are allowed to pollute for free and are even able to profit from their pollution to the tune of billions. The EU ETS currently does not send the right signals for the climate friendly transition needed in our economy, nor does it reward the frontrunners that have invested in low-carbon technologies," EU Policy Director at Carbon Market Watch Femke de Jong said.

    According to Carbon Market Watch press statement, the introduction of smart public policies that involve reforms to the EU ETS, is currently being negotiated. These new policies will set a higher carbon price and move from subsidizing industry pollution to investment in low-carbon innovations.

    The report called "The Final Frontier – Decarbonising Europe’s energy intensive industries" focuses on steel, cement and chemicals sectors. According to the organization, together they are responsible for about 70 percent of industry CO2 emissions.

    Related:

    Norwegian Sovereign Fund to Sue Germany's Volkswagen Over Emissions Scandal
    Volkswagen to Buy Back Faulty Cars Over Emissions Scandal
    IEA Confirms Decoupling of Carbon Dioxide Emissions From Economic Growth
    Tags:
    CO2 emissions, carbon emissions, European Union
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment