• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 11 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 3 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents * Too late now
  • 8 hours Will Uncle Sam Step Up and Cut Production
  • 15 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 3 mins 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 2 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 23 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 3 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 24 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 3 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 2 days Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
Alt Text

A Booming Niche In Energy’s Hottest Market

The battery recycling market is…

Alt Text

A Turning Point For U.S. Power Generation

Renewable energy has reached a…

Alt Text

The Biggest Problem With Renewables

The world economy is quickly…

Environmental Finance

Environmental Finance

Environmental Finance is still the only independent global magazine offering comprehensive coverage of the financial impact of environmental issues on the business community.  Leading industry…

More Info

Premium Content

The UK will Trade Renewable Energy in order to Achieve 2020 Targets

The UK government is looking at joint financing of renewable energy projects or trading with other EU countries to help meet its renewable energy targets.

The government claims it can reach its 2020 target of meeting 15% of energy consumption from renewable sources through domestic action alone. However, for reasons of cost effectiveness, commercial opportunity and contingency, it could also make use of the ‘flexibility mechanisms’ in the EU’s renewable energy directive.

A 2009 report from consultancy Pöyry and trade association Eurelectric said that using flexible mechanisms could save the EU €17 billion ($23 billion) by 2020.

The UK’s Department of Energy and Climate Change this week launched a consultation on using the three mechanisms, which are:

•    Statistical transfers, where the ‘renewable value’ of the energy is traded between states;
•    Joint projects, where one member state finances a project in another state and shares the renewable value. Greece has suggested the mechanism could help finance Project Helios, a large-scale scheme to install solar farms.
•    Joint support schemes, where two or more states decide to cooperate on their support schemes. For example, Sweden and Norway have a joint ‘green certificate’ programme to encourage renewables development. However, the UK government has already ruled this out, saying “we do not believe that a joint support scheme is appropriate at the current time”.

Greek Sunset
Greek sunshine: helping the EU meet renewables targets?

Ali Lloyd, a principal consultant in the renewable energy team at Pöyry Management Consulting in Oxford, said EU member states have been reluctant to use the flexible mechanisms, because only one or two countries expect to have a surplus of renewable energy, and they also do not want to undermine domestic efforts to install more renewables capacity. However, he added that the European Commission has recently been exhorting member states to make use of the mechanisms.

“We are not aware of any formal proposals [for cooperation], but we do believe that countries are talking to each other,” Lloyd told Environmental Finance.

Countries are most likely to favour joint projects, he noted. The downside of relying on statistical transfers is that countries will not be sure of their surplus or deficit until the last minute, and most countries are likely to be in deficit.

The UK’s call for evidence will close on 11 June.

By. Christopher Cundy

Source: Environmental-Finance




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play