200 billion to save the climate

Published: 2012-02-28

20 percent of the 1000 billion euros allocated for the EU budget 2010-2014 will be used to decarbonize the energy sector. In March the reform of the emissions trading scheme will be discussed

200 billion to save the climate

A direct investment worth 200 billion euros to support the decarbonisation of the EU energy sector. It’s the first time that decarbonisation becomes a prevailing target for the European Commission, which has decided that 20 percent of the 1000 billion euros allocated for the 2014-2020 EU budget will be spent to oppose climate change. Therefore, the aim is to change the main traits of the European energy scheme and to pave the way for a low-carbon economy.

A decision in line with the energy Roadmap 2050 approved in December, which foresees an 80 percent reduction of greenhouse gases by 2050, with projects to be enacted in the field of transportation (e-mobility), renewable energy, energy efficiency and carbon capture and storage. In these fields the Enel Group has been since long an acknowledged benchmark.

The reasons for this decision can be summarized d by quoting the EU Commissioner for Energy Gunther Oettinger. "For every US dollar of investment not made in the power sector before 2020, an extra 4.3 dollars would need to be spent afterwards to compensate for increased emissions".

Investments must be made quickly and significantly in order to avoid paying more in the future.

The 200 billion euros that will be used to decarbonise the energy sector are an unprecedented amount, and will certainly be welcomed by the members of the Committee for the Environment. In February, the latter has also asked the Commission to improve the system of emissions allowances in the European Union(ETS). Indeed, the non-legislative report presented by the British Liberal MEP Chris Davies pointed out that the EU emission trading scheme (ETS) will play an essential role in placing on the market a wide range of low-carbon technologies. The report will be discussed during the plenary session to be held in March.

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