CO2 Hits 80 Euros ($90) — EU’s Fit for 55 Target for 2030 Needs to be 10 Points Tighter: Network + Report (1)

CAN, Trio report plus CarrZee comment and market reaction

Dec. 2-3, 2021: EU carbon allowances reached a record 80 euros ($90) a metric ton Dec. 3 as lawmakers and the public discuss the appropriateness of policy designed to protect the climate.

A senior European Commission official on Dec. 1 suggested Brussels could set a more ambitious goal for reducing emissions next year, reported Politico.

The EU has committed to cutting emissions by 55 percent by the end of the decade, but it “can’t exclude” that it may ramp up that pledge, Diederik Samsom, head of Green Deal chief Frans Timmermans’ cabinet, said at POLITICO’s Sustainable Future Summit.

CarrZee comment: Emerging countries are placing rich countries under tremendous pressure to tighten 2030 targets, since the well-to-do are most to blame for the climate crisis and wealthy nations have used up much more than their fair share in the atmosphere for heat-trapping gas. The screws have tightened as emerging countries seek compensation for loss and damage and the “global stocktake” process at UNFCCC talks, simple maths and more rigorous accounting will all hold rich-nation’s feet to the climate-crisis fire during the next few years.

Climate Action Network (CAN) Europe, the European federation of climate NGOs, believes the EU needs to do more than currently planned if it is to make a fair contribution to efforts to limit temperature rise to 1.5°C. It therefore calls for:
• Greenhouse gas emissions to be reduced by at least 65% by 2030;
• Carbon removals through LULUCF to be increased to at least 600 Mt CO2 by 2030;
• Climate neutrality to be achieved by 2040;
• Total greenhouse emissions to be reduced by at least 90% by mid century.

Trio is a Climate Change Science and Policy Analyst. Former Director of Climate Action Network (CAN) Europe and Head of the Political Unit of Greenpeace International.

ICE – euros per metric ton. Earlier Thursday rose to 80.30 euros a ton

See this from Nov. last year: EU’s Ambitious 2030 Emissions Cap Ain’t Ambitious Enough https://carrzee.org/2020/11/06/eus-ambitious-2030-emissions-cap-aint-ambitious-enough/

Trio’s Report / Maths

Dec. 1, 2021

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