The European Council agreed on a new 2030 Framework for climate and energy in October 2014, including EU-wide targets and policy objectives for the period between 2020 and 2030. These targets aim to help the EU achieve a more competitive, secure and sustainable energy system and to meet its long-term 2050 greenhouse gas reductions target. The figures for renewables and energy efficiency have subsequently been increased in the context of the Clean Energy for all Europeans package.
Key Objective
The key objective of the strategy is to send a strong signal to the market, encouraging private investment in new pipelines, electricity networks, and low-carbon technology. The targets were based on a thorough economic analysis measuring how to achieve decarbonisation by 2050in a cost effective way.
The cost of meeting the targets does not substantially differ from the price we need to pay anyway to replace our ageing energy system. The main financial effect of decarbonisation will be to shift our spending away from fuel sources and towards low-carbon technologies.
Targets for 2030 a 40% cut in greenhouse gas emissions compared to 1990 levels at least a 27% share of renewable energy consumption indicative target for an improvement in energy efficiency at EU level of at least 27% (compared to projections), to be reviewed by 2020 (with an EU level of 30% in mind)support the completion of the internal energy market by achieving the existing electricity interconnection target of 10% by 2020, with a view to reaching 15% by 2030
Policies for 2030
To meet the targets, the European Commission has proposed:
A reformed EU emissions trading scheme (ETS) New indicators for the competitiveness and security of the energy system, such as price differences with major trading partners, diversification of supply, and interconnection capacity between EU countries First ideas on a new governance system based on national plans for competitive, secure, and sustainable energy. These plans will follow a common EU approach. They will ensure stronger investor certainty, greater transparency, enhanced policy coherence and improved coordination across the EU.
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