Europe Must Cut Emissions 55% by 2030 to Tackle Carbon Credit Glut

The European Commission should aim to cut greenhouse gas emissions 55% against 1990 levels by 2030 if it is to tackle the glut of allowances that has undermined the price of carbon in its flagship emissions trading scheme (ETS).

That is the conclusion of a major new Greenpeace-commissioned report from consultancy Ecofys, which examines the impact of the European Commission’s proposed 2030 climate and energy package, which is likely to be finalized by the end of this year.

The Commission has suggested it can target emissions reductions of 40% by 2030, based on the EU’s 2011 roadmap that aims to deliver a low carbon economy by 2050.

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