European leaders agreed a deal to cut carbon emissions by at least 40 per cent by 2030 in the early hours of this morning, in a move that is hoped to boost investment in the green economy and pave the way for a global treaty on tackling climate change next year.
Following months of intense lobbying and complex negotiations between Europe’s 28 member states, the European Council today agreed to rachet up the EU's carbon reduction target from 20 per cent in 2020 to “at least" 40 per cent in 2030 compared to 1990 levels.
[...] Martin Schoenberg, head of policy at Climate Change Capital, said the 40 per cent target was the “minimum needed to signal continued political commitment to decarbonisation”.
“Taking into account the resistance even this modest target faced, to get an agreement is a major achievement,” he said. However, he predicted that the renewable energy target would not help businesses choose where and how to invest in Europe as it would provide no national accountability.
As a result, he said the stage was now set for “even more tortuous talks and arguments between EU states, not all of whom will be willing to pull their weight”.
"It is essential that investors - who need long term certainty before they write the big cheques to decarbonise our energy supplies - get enough signals of purpose and stability from national governments to take the plunge.”