IEA: EU must do more to reach ambitious climate targets

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The European Union (EU) has a commendable ecological recovery plan, but it needs stronger policies than those currently in place if it is to meet its ambitious greenhouse gas emission reduction targets, said the International Energy Agency (IEA) in its policy review. Thursday on the EU.

The EU bloc is doing a good job on clean energy in the electricity sector, where the share of renewable energy is increasing, but progress in transport and energy efficient and energy efficient buildings and appliances has been slow, said the IEA.

The EU unveiled at the end of last year the European Green Deal, a program to become climate neutral by 2050. As part of the Green Deal, the EU will support investments in companies, technologies and sustainable solutions and in greener energy and electricity production. The agreement also includes a so-called Just Transition Fund to support regions and / or countries heavily dependent on coal.

In the aftermath of the COVID-19 crisis, the EU has proposed funding instruments to support investment in economic recovery with a focus on the green and digital transitions.

According to the IEA’s political review report released on Thursday, the European Green Agreement is “a real opportunity to boost investment in clean energy transitions”.

IEA recommendations for the EU include boosting energy efficiency, which should be “a priority objective, as they can stimulate job creation in critical manufacturing, construction and small sectors and medium-sized businesses, save money for consumers and reduce GHGs. ”

“With its recovery plans, the EU has a real opportunity to stimulate economic activity, create jobs and support the long-term transformation of its energy sector,” the executive director of the EU said in a statement. OIE, Fatih Birol.

“The review supports the Commission’s firm commitment to a green recovery, which is at the heart of our 750 billion euro recovery plan proposal,” said Kadri Simson, European Commissioner for Energy. .

The IEA itself unveiled last week a sustainable recovery plan for the global post-coronavirus economy over the next three years, requiring total investments of $ 3 trillion.

By Charles Kennedy for Oilprice.com

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