EMISSIONS TARGETS ACHIEVABLE BUT WHERE'S THE MONEY GOING TO COME FROM?


The Guardian reports on European emissions target costings:

The EU's new climate change goals will cost up to €1.1 trillion (£747bn) to implement over the next 14 years, according to a new study.

The most comprehensive investigation on managing the economics of climate change paints a daunting picture of the EU's plan to decrease greenhouse gases by at least 20% by 2020.

But the study by the consulting firm McKinsey published in a German newspaper yesterday, argues it is both economically and technically possible to reduce emissions on schedule, but that the political effort necessary will be immense.

Fantastic! But the Guardian did leave out one minor detail:

Earlier this month, member states legally bound themselves to using 20 percent of energy from renewable sources and cutting CO2 emissions by 20 percent by 2020, but it remained unclear who would pay for the revolutionary switch from gas, oil and coal to green power and all the energy-saving measures.

Tax increases ahoy.

Energy conservation is highly recommended:

The study says that technology, such as energy-saving lightbulbs and windpower, is capable of reducing three-quarters of greenhouse gas emissions.

To achieve cost-effective results, the study advises that politicians concentrate on implementing the cheapest and most effective environmental measures first, rather than the cost-heavy solutions such as building CO2-free coal power stations. "The potential in building insulation should be given much more attention," Mr Vahlenkamp said. "There is a wealth of cost-free possibilities that would neither negatively effect our lifestyles nor our comfort."

Al Gore favoured carbon credits don't get a mention.