EU Carbon Glut Means More Cuts Needed for 2030 Goal, Ecofys Says
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A record surplus of carbon permits in the European Union’s emissions trading system will make it harder for the bloc to meet its 2030 climate goals, according to a report by Ecofys, the environmental research company.
The EU will need to cut carbon emissions by an extra seven percentage points because of the surplus of allowances, which can be held over into the next decade, according to the report commissioned by Greenpeace. The 27-nation bloc has a binding target of cutting greenhouse-gas output by 20 percent in 2020 from 1990 levels, and should reduce pollution by 40 percent in 2030, according to the EU’s regulatory arm.