Extractive Energy: How the EU ETS exacerbates climate change

Our colleagues from Carbon Trade Watch have recently published this report questioning the EU’s dependency on fossil fuels and the role of the EU ETS.

Energy in the EU is dominated by fossil fuels. About 77% of energy used by the average European citizen is met by oil, gas and coal. Nuclear power provides an estimated 14%, with the remaining 9% coming from renewable energy sources. Set in the middle, the EU ETS is positioned as a tool to disguise these contradictions. Although setting targets may be well-meant for achieving emissions reduction goals, they become meaningless when looking deeper into the EU’s energy agenda for the coming years. Plans to increase energy infrastructure are underway which will lock-in fossil fuel use in the longterm.

It also looks at the role of the European Investment Bank: “In addition to the multitude of EIB’s investments in fossil fuel development projects, the bank is deeply involved in the carbon
market through a range of carbon funds.”

Read the full report here

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