The European Union should scrap fossil fuel and renewable energy subsidies and set a target to cut oil imports to remain the leader in the fight against global warming, according to Poland’s environment minister.
The European Union’s 54 billion- euro ($71 billion) carbon emissions cap-and-trade system may be undermined if the bloc’s Parliament votes against Climate Commissioner Connie Hedegaard’s temporary rescue plan tomorrow.
Europe may have to change course to save the world’s biggest carbon market after an unprecedented plunge in pollution-permit prices, according to a pioneer of so- called cap-and-trade systems designed to help the environment.
European Union Climate Commissioner Connie Hedegaard said she is confident that EU plans to bolster carbon prices will be enacted as policy makers realize inaction could lead to a demise of the world’s biggest carbon program.
The rejection by the European Parliament of a proposed fix to the world’s biggest carbon market leaves the fate of the rescue plan in the hands of the bloc’s governments, which have an option to override the assembly’s verdict.
Six environment and climate chiefs, including German Environment Minister Peter Altmaier and U.K. Energy and Climate Secretary Ed Davey, pressed European Union lawmakers to back a rescue plan for the world’s biggest carbon market, as divisions persist before a key vote.