Posted on 04/29/2020 3:00:06 AM PDT by Oldeconomybuyer
BRUSSELS - The European Union should impose policies to underpin fossil fuel prices to protect the bloc’s climate ambitions during its recovery from the coronavirus pandemic, the French government said.
EU ministers met on Tuesday to discuss the role of energy markets when the health crisis ends. Most EU countries believe the bloc’s recovery plan must uphold its Green Deal policy to decarbonise by 2050.
In a document sent to ministers ahead of the virtual meeting and seen by Reuters, France called for the EU to use taxes or its carbon market to prevent “extremely low prices” seen during the pandemic from thwarting climate ambitions.
“The cost of fossil energies should be proportionate to their true environmental impact,” the document said.
With Europe headed for a steep recession, the fear is that the ETS could suffer the same fate after the 2008-2009 financial crisis when lower prices for carbon permits provided little incentive for firms to curb their pollution.
Energy prices in Europe have plummeted because of lockdowns during the pandemic.
So far, lower fossil fuel prices have not boosted coal-fuelled generation because of low power demand.
But those supporting a strong carbon price want to ensure there is no rapid increase in fossil fuel power production when Europe’s economy recovers.
Commission president Ursula von der Leyen on Tuesday said her Green Deal plan to decarbonise Europe’s economy by 2050 should serve as the bloc’s “motor for the recovery”.
(Excerpt) Read more at reuters.com ...
Lets see if we can kill ourselves more
this is what I find most amazing about all that’s happening.....the global economy is imploding and a global depression is on the horizon, and there are morons prattling on about climate change.
Iow opportunity for more taxes... yellow vests...
Hear hear. We should fund our military with the foreign imports, not our tax paying people
There are so many ways to win with import tariffs. The benefits of import tariffs are incredible. The fact that this isn't happening proves the people do not run the USA. Multi national corporations do.
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