The European Parliament’s environmental committee yesterday weighed in on a series of crucial votes dubbed "Super Tuesday" taking bold steps to fight climate change, in the face of uncertain economic times.
Proposals to change the EU’s Emissions Trading Scheme have met with staunch resistance from industry representatives, who say European businesses will lose competitiveness under regulations that are much tighter than in the U.S., China and elsewhere. However, the committee decided to move forward with regulations meant to further cut global warming pollution in the European Union.
Lawmakers decided power generators should begin paying for all of their carbon emissions in 2013. Several Eastern European countries rely heavily on coal-fired power and tried unsuccessfully to block the vote.
The sale of carbon allowances is expected to provide the governments with roughly US$40.76 billion, which member states say will be used to help develop new energy sources and help poor nations cope with climate change.
Thus far, the vast majority of carbon allowances have been given away for free under the European Union’s Emissions Trading Scheme, thus reducing its effectiveness and creating windfall profits for utilities.
If the committee proposals are accepted by the European Parliament (which they likely will be) heavy industries like steel and cement production will be required to pay for 15% of their emissions beginning in 2013, rising to 100% in 2020. But lawmakers in the environmental committee asserted that these industries would be protected.
Furthermore, in a significant vote, lawmakers voted for carbon curbs on power plants that would outlaw coal power beginning in 2015, unless the power plants utilize carbon capture and sequestration (CCS)–a process which has yet to be effectively demonstrated.
Read full Reuters coverage of these important votes.
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