EU leaders have announced a new deal among member states that ensures “substantial progress” will be made to reduce greenhouse gas emissions by at least 40pc by 2030 compared to 1999.
Meeting in Brussels last night, the leaders have vowed that renewable energy’s market share will meet at least 27pc by 2030. There will also be an increase in energy efficiency to at least 27pc. The framework of the deal has been published by the European Council.
The EU will submit its contribution by the first quarter of 2015, in line with the timeline agreed by the United Nations Framework Convention on Climate Change (UNFCCC) in Warsaw. Countries have been asked to submit their targets and policies well in advance of the 21st Conference of the Parties in Paris late next year.
“It was not easy, not at all, but we managed to reach a fair decision that sets the EU on an ambitious but cost-effective climate path,” Herman Van Rompuy, the president of the European Council told journalists from The Guardian at a press conference in Brussels.
The council said the 40pc target will be delivered in the most cost-effective way possible.
A recent report by the EU found solar energy now receives the most amount of energy funding annually, surpassing fossil fuels at just under €15bn. Covering the year 2012, onshore wind energy was the next-highest target for European energy funding at €10.1bn, followed by biomass (€8.3bn) and hydropower (€5.2bn).
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