Posted: Tuesday 18th November 2014

The European Union has reached a historic deal to cut greenhouse gasses by at least 40% domestically by 2030.

The target is part of a package of measures to make Europe’s energy system more secure, sustainable and competitive, announced recently by European leaders at the European Council meeting in Brussels.

The agreement is a major win for the UK, which has been leading efforts in Europe for an ambitious but flexible deal that cuts carbon emissions whilst giving the UK and other Member States the flexibility to decide how they will decarbonise at least cost to consumers - while also improving energy security by reducing the EU’s reliance on imported energy.

The UK’s Climate Change Act and Electricity Market Reforms have put the UK on a clear path to become a low carbon economy, meaning these measures announced today will not have any additional cost impact for UK bill and tax payers.

Energy and Climate Change Secretary Ed Davey said:

“This is a historic moment. Europe has sent a clear and firm message to the world that ambitious climate action is needed now. True to our word, we have delivered a highly ambitious EU climate target while also significantly strengthening Europe’s energy security by making us less reliant on imported energy. This morning only five countries in Europe had climate targets post 2020, now 28 countries do.

“The UK has been leading the climate debate pushing for an ambitious deal in Europe and by building alliances and working constructively with our European partners, we’ve agreed a package of measures that meet all the UK’s top priorities.

“It lays down the gauntlet to the world to come forward with ambitious climate targets, reforms EU energy policy so it’s flexible and affordable and tackles energy security - reducing Europe’s energy import bill for fossil fuels by around €285 billion by 2030.

“It’s good for consumers because we can decarbonise at the lowest possible cost using a diverse mix of technologies.

“And it’s good for business as it provides the certainty they have been calling for to unlock billions in low carbon investment.”

The key elements of the package are:

A binding domestic EU Greenhouse Gas (GHG) emission reduction target of at least 40% by 2030.

A 27% EU level renewables target and 27% non-binding energy efficiency target that cannot be binding on Member States.

Calls for the EU ETS to be reformed by including a Market Stability Reserve (MSR) as the UK has been calling for.

Extended and expanded EU level support – via an ‘Innovation Fund’ - for Carbon Capture and Storage (CCS) demonstration projects.

This package fulfils the calls from business, investors and economists for the EU to urgently agree and ambitious 2030 package in order to provide long-term clarity over the EU’s post-2020 energy and climate policy framework.

Overall, this package will significantly strengthen Europe’s Energy Security by:-

Cutting EU net energy imports by 14% in 2030 and cutting EU gas imports by 12% in 2030 (Source: Commission Energy Efficiency Impact Assessment, Table 5, p41);

Deliver average annual saving to the EU’s fossil fuel net import bill of €14bn a year between now and 2030 compared to reference scenario (Source: Commission Energy Efficiency Impact Assessment, Table 5, p41);

Deliver cumulative savings to 2030 of €285bn in reduced fossil fuel imports compared to reference scenario (Source: Commission Energy Efficiency Impact Assessment, Table 5, p41);

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