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EU to pass law to change the weather, they hope

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Fireworks illuminate the sky around a huge euro sculpture, designed by German artist Ottmar Hoerl, in front of the headquarters of the European Central Bank (ECB) in Frankfurt, January 1, 2002. Several thousand people in Frankfurt celebrated at a party on the streets around the ECB to welcome Europe’s new currency, the euro. UNICS REUTERS/Kai Pfaffenbach REUTERS KP – RTRBPKK

Money to burn?

EU leaders may flatter themselves that they’re doing something that matters, but it’s wildly optimistic to think the climate could be changed – at vast expense – by passing laws based on unproven shaky theories. What planet are they on?
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European Union environment ministers meet in Luxembourg on Friday to seek a deal on a landmark climate change law, but they will leave a decision on a 2030 emissions-cutting target for leaders to discuss in December, reports Yahoo News.

The climate law will form the basis for Europe’s plan to slash greenhouse gas emissions, which will reshape all sectors, from transport to heavy industry, and require hundreds of billions of euros in annual investments.

It will fix in law the EU target to reach net zero emissions by 2050 and define the rules for how future EU climate targets are decided, if new scientific evidence requires more ambitious aims.

Ministers, who take decisions by majority, will seek a deal on these parts of the law on Friday.

A decision on the most politically sensitive part of the bill – a new 2030 emissions-cutting target for the EU – will be left for EU leaders to agree, unanimously, at a meeting in December.

The law will give Brussels “the legal possibility to act when those who make promises don’t deliver on the promises,” said EU climate policy chief Frans Timmermans at Friday’s meeting, which is taking place in person, despite much of the continent restricting gatherings as coronavirus infections surge anew.

The price of permits in the EU carbon market climbed by more than 5% on Friday in anticipation of the ministers’ deal. The EU’s climate targets are expected to tighten the supply of permits in the market.

Full report here.

via Tallbloke’s Talkshop

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October 23, 2020 at 04:51AM