The full document is at this link
Generally these are the main points:
- A 40% emissions reduction target – binding on all Member States, met through domestic measures alone.
- A tighter cap on emissions from power and heavy industry. This affects about 1,000 power stations and heavy industry plant in the UK. Industry exemptions will be essential to avoid continued carbon leakage. Under the EU Emissions Trading Scheme, the annual “tightening” of the cap is increased from 1.74% now to 2.2% after 2020. Emissions from sectors outside the scheme need to be cut by 30% below the 2005 level.
- EU’s pledge to the UN: a 40% reduction in early 2015 as part of the international negotiations on a new global climate agreement in Paris at the end of 2015. A 50% goal would be more convincing.
- 27% of energy from renewables. This is an “EU-wide, binding renewable energy target.” But it would not be translated into national targets through EU legislation, leaving flexibility for Member States to transform the energy system in a way that is “adapted to national preferences.”
- Improved energy efficiency: it “will contribute to all objectives of EU energy policy. … no transition towards a competitive, secure and sustainable energy system is possible without it.” But no new target.
- Reform EU Emissions Trading Scheme: this includes setting aside auction allowances to help sustain a meaningful market price for carbon.
The big issues are the 40% emissions reduction and 27% renewable target.
Consensus is forming that the 40% reduction target is not tough enough to seriously address emissions. The 27% renewable target is clearly where France and Germany wish to boost their renewable sectors and the “Beautiful Alliance”. The EU has therefore balanced the needs to reduce emissions with the needs to sustain economic growth using hydrocarbons, whilst trending towards a general reduction in emissions.