Commissioner says EU carbon trading reform will boost revenue to industry
Wopke?Hoekstra, EU climate commissioner, said?on?Tuesday that the European Commission's re-design?of the bloc’s carbon emission trading system is aimed?at ensuring more revenue is returned?to industry as an 'incentive' for it to 'decarbonise'.
In Lisbon, he said that Europe needs to produce more energy itself, especially renewable energy. However, nuclear power is still needed.
The EU's emissions-trading system, launched in 2005, is the main tool for cutting CO2 emissions. It requires?thousands? of factories and power plants to purchase permits.
Hoekstra, at a recent press conference, said that he saw opportunities for improvement, including ensuring more revenue is returned to the industry to help further decarbonisation. But he added, "we will stay the course, and continue to reap benefits."
Some governments and industry groups have warned that the scheme could hurt Europe's competitiveness. This is especially true in light of rising energy prices.
Hoekstra stated that the system has "worked phenomenally well". It is supported by many governments, such as Portugal's as well as hundreds companies.
He called for immediate action on a matter "of national and European Security" that he described as "sensitive and vulnerable."
Hoekstra said, "That means more solar and wind, geothermal, heat pumps,?interconnectors and grid investments. And for those who want it, even more nuclear investments."
He said that he also understood the frustration of the public over what he called "outrageous profits", which some energy companies are reaping due to the volatility in the market caused by the Iran war.
Portugal, Germany, Italy and Spain, as well as Austria, wrote to the European Commission in a letter last month?requesting a windfall?tax at a European level?on energy?companies? profits. Brussels left it up to the individual countries.
Portugal's Government will ask the Parliament to approve such a tax within the next few weeks.
(source: Reuters)
