• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 9 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others

The EU Agrees To Cut Emissions To Net Zero By 2050

The European Union agreed to cut its total emissions to net-zero by 2050 after ten hours of debates as Eastern European states demanded financial help to hit the target.

Reuters reports that one EU member state was left out of the agreement: Poland. Poland has opposed the ambitious emissions plan, saying it will cost too much to implement. In October, Energy Minister Krzysztof Tchorzewski put the price tag of this transition to between $760 and $980 million, saying “Of course, these costs would obviously be spread over years. But I treat it as a fantasy when someone says that Poland is able to reach the zero-emission goal by 2050.”

As a result, the EU agreed to let it off the hook for now on the promise the country will revisit the issue next June. The union also allowed the Czech Republic to include nuclear energy in its energy mix, Reuters reports.

The agreement comes a day after the EU approved the net-zero emissions plan, which will cost it $111.7-billion (100 billion euro). Dividing these costs among the members proved to be tricky as well as navigating between the demands of individual countries.

“We cannot allow Brussels bureaucrats to have poor people and poor countries to pay the costs of the fight against climate change,” Hungary’s PM Victor Orban said ahead of the discussions as quoted by Reuters, summing up the misgivings that most new EU members have about the union’s climate change plan.

Related: Lower Oil Production Will Cause Saudi Budget Deficit To Balloon

Indeed, the Czech Republic’s insistence that it should get financial aid from the EU to build nuclear plants in order to reduce its dependence on coal ran into opposition from more affluent member states including Germany, Austria, and Luxembourg. Yet the country gets half of its energy from coal, and to hit the EU’s 2050 targets it would have to reduce this significantly.

Poland generates as much as 80 percent of its electricity from coal, which makes its unwillingness to commit to 2050 understandable. According to reports, the country tried to push the deadline 20 years further during the discussions.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Rod Keh on December 13 2019 said:
    This is just a tax grab and wealth redistribution and has nothing to do with CO2 or climate.

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