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Climate change

Green transition: Global CO2 emissions continue to rise but EU bucks global trend

EU Reporter Correspondent

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The Joint Research Centre of the Commission has published a new study on Fossil CO2 emissions for all world countries, reaffirming that the EU has succeeded in decoupling economic growth from climate changing emissions. Fossil CO2 emissions of EU member states and the UK dropped in 2019, while globally, the increase of CO2 emissions continued in 2019, although at a slightly slower pace.

Since the beginning of the 21st century, global greenhouse gas emissions have grown steadily. However, EU member states and the UK bucked the trend, with their CO2 emissions from fossil fuels combustion and processes dropping by 3.8% in 2019, compared to the previous year. This means the EU and the UK's fossil CO2 emissions were 25 % below 1990 levels - the largest reduction among the top emitting economic areas around the world. Since 1990, there has also been a decreasing trend in CO2 emissions per capita and per intensity of monetary output across Europe.

These reductions have been achieved thanks to a mix of mitigation policies aimed at decarbonising the energy supply, the industrial and the building sectors, and will be continued with renewed effort under the umbrella of the European Green Deal. These are the results of the latest updates of the Emissions Database for Global Atmospheric Research (EDGAR), a unique tool developed by the JRC in support of policy impact evaluation and climate negotiations, which provides a benchmark against which national and global estimates can be compared. More information is available in the JRC press release.

Climate change

Executive Vice President Frans Timmermans attends Petersberg Climate Dialogue

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Today (7 May), Executive Vice President Frans Timmermans participates in the 12th Petersberg Climate Dialogue, an annual high-level political meeting of over 30 ministers from around the world, co-hosted by the German government and the COP26 Presidency. The meeting will start at 14h CEST  today with remarks by UN Secretary-General António Guterres, Federal Chancellor of Germany Angela Merkel and UK Prime Minister Boris Johnson. Their speeches will be live-streamed here. This year's Petersberg Dialogue will focus on the preparations for the upcoming COP26 climate conference in Glasgow. It will address pressing issues such as enhancing countries' climate-resilience and adaptation capacity, scaling up international climate finance, and promoting transparent international carbon market rules. The meeting will be held virtually for the second year in a row due to the ongoing COVID-19 pandemic. The Commission will publish Executive Vice-President Timmermans' remarks climate finance on Friday here. For more information see here.

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LIFE programme: More EU support for climate action

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The EU agreed to fund the LIFE programme with a budget of €5.4 billion. LIFE is the only programme at EU-level solely dedicated to the environment and climate and the programme for 2021-27 is the most ambitious yet. There will be €3.5bn for environmental activities and €1.9bn for climate action. The programme is part of the Green Deal package proposed by the European Commission.

Find out about EU responses to climate change.

Creating a cleaner and more circular economy that re-uses and recycles products is a main priority for the EU and the LIFE programme will have an important role to play. The programme will support the transition to clean energy and will work together with other programmes towards the EU goal of achieving carbon neutrality by 2050. It also aims to protect and improve the quality of the environment and to halt and reverse biodiversity loss.

The LIFE programme is part of the EU long-term budget and recovery plans, which committed to spending 30% on climate action. The other programmes include the Just Transition Fund to help EU regions to adapt to the green economy, InvestEU which will finance climate projects, and Horizon Europe which will fund EU research and innovation in the climate sector

Read more on EU funding for initiatives to fight climate change:

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Big business seeks unified, market-based approaches ahead of climate summit

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Corporate executives and investors say they want world leaders at next week’s climate summit to embrace a unified and market-based approach to slashing their carbon emissions, write Ross Kerber and Simon Jessop.

The request reflects the business world’s growing acceptance that the world needs to sharply reduce global greenhouse gas emissions, as well as its fear that doing so too quickly could lead governments to set heavy-handed or fragmented rules that choke international trade and hurt profits.

The United States is hoping to reclaim its leadership in combating climate change when it hosts the 22-23 April Leaders Summit on Climate.

Key to that effort will be pledging to cut US emissions by at least half by 2030, as well as securing agreements from allies to do the same.

“Climate change is a global problem, and what companies are looking to avoid is a fragmented approach where the US, China and the EU each does its own thing, and you wind up with a myriad of different methodologies,” said Tim Adams, chief executive of the Institute of International Finance, a Washington-based trade association.

He said he hopes U.S. President Joe Biden and the 40 other world leaders invited to the virtual summit will move toward adopting common, private-sector solutions to reaching their climate goals, such as setting up new carbon markets, or funding technologies like carbon-capture systems.

Private investors have increasingly been supportive of ambitious climate action, pouring record amounts of cash into funds that pick investments using environmental and social criteria.

That in turn has helped shift the rhetoric of industries that once minimized the risks of climate change.

The American Petroleum Institute, which represents oil companies, for example, said last month it supported steps to reduce emissions such as putting a price on carbon and accelerating the development of carbon capture and other technologies.

API Senior Vice President Frank Macchiarola said that in developing a new U.S. carbon cutting target, the United States should balance environmental goals with maintaining U.S. competitiveness.

“Over the long-term, the world is going to demand more energy, not less, and any target should reflect that reality and account for the significant technological advancements that will be required to accelerate the pace of emissions reductions,” Macchiarola said.

Labor groups like the AFL-CIO, the largest federation of U.S. labor unions, meanwhile, back steps to protect U.S. jobs like taxing goods made in countries that have less onerous emissions regulations.

AFL-CIO spokesman Tim Schlittner said the group hopes the summit will produce “a clear signal that carbon border adjustments are on the table to protect energy-intensive sectors”.

Industry wish lists

Automakers, whose vehicles make up a big chunk of global emissions, are under pressure to phase out petroleum-fueled internal combustion engines. Industry leaders General Motors Co and Volkswagen have already declared ambitious plans to move toward selling only electric vehicles.

But to ease the transition to electric vehicles, US and European automakers say they want subsidies to expand charging infrastructure and encourage sales.

The National Mining Association, the US industry trade group for miners, said it supports carbon capture technology to reduce the industry’s climate footprint. It also wants leaders to understand that lithium, copper and other metals are needed to manufacture electric vehicles.

“We hope that the summit brings new attention to the mineral supply chains that underpin the deployment of advanced energy technologies, such as electric vehicles,” said Ashley Burke, the NMA’s spokeswoman.

The agriculture industry, meanwhile, is looking for market-based programs to help it cut its emissions, which stack up to around 25% of the global total.

Industry giants such as Bayer AG and Cargill Inc have launched programs encouraging farming techniques that keep carbon in the soil.

Biden’s Department of Agriculture is looking to expand such programs, and has suggested creating a “carbon bank” that could pay farmers for carbon capture on their farms.

For their part, money managers and banks want policymakers to help standardize accounting rules for how companies report environmental and other sustainability-related risks, something that could help them avoid laggards on climate change.

“Our industry has an important role to play in supporting companies’ transition to a more sustainable future, but to do so it is vital we have clear and consistent data on the climate-related risks faced by companies,” said Chris Cummings, CEO of the Investment Association in London.

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