EU: von der Leyen calls for electrification and a new ETS to support industry
The aim is to reduce Europe’s energy bill by 260 billion a year
(Il Sole 24 Ore Radiocor) - The European Commission has presented an Action Plan for Electrification, aimed at making Europe the first continent powered predominantly by electricity, alongside a reform of the European Emissions Trading Scheme (ETS) to support the competitiveness of industry during the transition to a clean economy. Brussels points out that 70 per cent of the EU’s electricity is already generated from clean sources, but that the electrification rate of energy consumption has remained stagnant at 23 per cent for a decade. The Commission will therefore consider an indicative target of 46 per cent by 2040, which could reduce Europe’s bill for fossil fuel imports by €260 billion a year. At the same time, it proposes to strengthen the ETS, which since 2005 has generated over €270 billion in revenue and helped to reduce emissions by 50% in the sectors covered, in order to transform it into a tool to support investment, innovation and competitiveness. ““The best way to reduce Europe’s dependence on fossil fuels,” says European Commission President Ursula von der Leyen in a statement, “is to power our economy with electricity from clean, domestic sources. Today we are proposing to make Europe the world’s first continent powered by electricity. From reducing electricity prices to adapting our carbon market to new global realities, this is also a plan for investment and independence. To keep the clean transition on the right track, provide relief for our industry and support decarbonisation. Let’s get it underway.”
Cop
