Thursday, December 3, 2020
Home Right Column Brexit Could ‘Derail’ EU Attempts To Fight Climate Change, MEPs Warn

Brexit Could ‘Derail’ EU Attempts To Fight Climate Change, MEPs Warn

-

Brexit Could ‘Derail’ EU Attempts To Fight Climate Change, MEPs Warn

http://www.thegwpf.com/brexit-could-derail-eu-attempts-to-fight-climate-change-meps-warn/

European Carbon Trading Scheme (ETS) could lose £1.7bn worth of UK funding once Britain exits the trade bloc. The United Kingdom is committed to providing almost €2bn (£1.7bn) worth of funding for the scheme, without which it is not yet clear how the system will survive. Through ETS a cap is placed on total emissions and allowances are provided to member states. Companies which fall under the remit of the scheme have to hand in an allowance for every tonne of carbon they release. They are allowed to buy and sell these allowances, which are priced to incentivise a reduction in emissions. Ian Duncan MEP, who is the Conservatives’ European spokesman on energy and climate change and also the lead lawmaker on reforming the ETS, said there was a “serious risk” Brexit could stop the functioning of the scheme, leading to “disastrous” consequences. “In order for ETS to work a number of funds were created to help Eastern European nations to address the challenges of modernising their Soviet-era energy generators and manufacturing companies. “The UK is one of the major contributors to this fund and after it leaves the finance for this fund will not be there,” Mr Duncan told The Independent. “Without it, there is a serious risk not only that the ETS stops functioning post-Brexit, but that the EU loses support for its climate change targets altogether. With Donald Trump in the White House, the consequences of this could be disastrous for global efforts to tackle climate change.” Full post

— gReader Pro

- Advertisment -

Related Articles

Trump Deputy Interior Pick Gets A Lashing On Climate Change From Sen. Al Franken

By Joseph Erbentraut, Alexander C. Kaufman About an hour and a half into Deputy Interior Secretary nominee David Bernhardt’s Thursday confirmation hearing before the Senate...

Coal To Remain India’s Main Energy Source For At Least 30 Years, Govt Confirms

Coal will remain India’s main energy source for the next three decades although its share will gradually fall as the country pushes renewable power...