The chief economist at the International Energy Agency said Monday that Europe is the second largest coal consumer after China, proof that the continent's current carbon policy is not working.
The chief economist at the International Energy Agency said Monday that
Europe
is
the second largest coal consumer after
China
,
proof that the continent's current carbon policy is not working.
"Currently, in the entire world, the second largest coal consumption is
taking place in
Europe
following
China
,"
Fatih Birol told Dow Jones Newswires on the sidelines of a conference. "This
shows how ineffective current carbon prices are."
"Our analysis shows we need carbon prices at 50 euros [$67] in order to
have an impact," Mr. Birol said. "I hope the European Parliament and
other institutions in
Europe
find a way to make the
markets see carbon prices higher than this, which would provide a real signal
for consumers and producers to shift away from fossil fuel consumption in
Europe
."
The IEA has said producers have been switching to coal from natural gas in
recent years due to cheaper
U.S.
coal
exports to
Europe
and decreasing prices. The
IEA report said that, in the first six months of 2012, coal consumption for
power generation was up 65% in the Spain and 35% in the U.K., year-on-year.
A committee of the European Parliament will hold a vote Tuesday on the future
of the Emissions Trading System, which has lost effectiveness because of low
prices.
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