• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 days Bankruptcy in the Industry

EU Proposes Jet Fuel Tax In Latest Ambitious Climate Package

The European Commission unveiled on Wednesday its latest plan to support the European Union in becoming a carbon-neutral bloc by 2050 and slash net greenhouse gas emissions by at least 55 percent by 2030, compared to 1990 levels.

To ensure the EU would reach those targets, as laid out in the European Green Deal, the European Commission adopted on Wednesday a package of proposals to align the EU’s climate, energy, land use, transport, and taxation policies with the goals.

The package proposed by the Commission needs to be adopted by all member states and by the European Parliament—a process that could take some two years.

The EU faces debates about how to make the so-called ‘Fit for 55’ package fair for European citizens, especially vulnerable households and people employed in the coal mining industries in countries like Poland and Germany.

Last month, Frans Timmermans, Executive Vice-President for the European Green Deal, said that the European Commission plans to create a so-called “climate action social fund” if it moves to introduce carbon pricing on road transportation fuels and buildings, in order to protect the most vulnerable households against rising fuel and heating bills.  

In the package unveiled today, the Commission is proposing to phase out free emission allowances for aviation and align with the global Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) and to include shipping emissions for the first time in the EU Emissions Trading System.

“To address the lack of emissions reductions in road transport and buildings, a separate new emissions trading system is set up for fuel distribution for road transport and buildings,” the Commission’s proposal says.

“This is the make-or-break decade in the fight against the climate and biodiversity crises,” Timmermans said.

Ahead of the package presentation, BP’s chief executive Bernard Looney said in a LinkedIn post on Tuesday: “From scaling up renewables to decarbonising transportation in Europe - it will be wide-ranging and challenging. And we welcome this legislation.”

“We expect these policies to stimulate low carbon consumer demand and create big business opportunities for companies like ours,” Looney added.  


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News