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EU Energy Sector Perspectives for 2030 Beyond the 20–20–20 Objective

Pantelis Capros, N. Tasios, A. De Vita, Leonidas Mantzos and L. Parousos
Authors registered in the RePEc Author Service: Leonidas Paroussos ()

Review of Business and Economic Literature, 2012, vol. 57, issue 2, 179-212

Abstract: This paper analyses the energy system and cost implications of moving beyond the 20% greenhouse gas emission target agreed in the EU’s Climate and Energy package of 2008. The paper states that due to the economic crisis the cost of going beyond the 20% target to a 25% or 30% domestic target has decreased significantly. This could be an opportunity to increase the 20% target for 2020 and adopt a 40% emission reduction target for 2030 which will have a beneficial effect: a strong reduction in the prices of ETS (Emission Trading System) allowances in the short-term (2020) can be avoided and it could set the EU on a path to achieve the 2050 climate objectives in the long-term. From a macro-economic perspective, and thus excluding auction payments, the energy system costs on top of the costs for implementing the Climate and Energy package are found to be below 0.1% for both scenarios in the cumulative time period 2010–2030.

Date: 2012
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