New E.U. Emissions Targets Will Cost Germany a Trillion Euros

  • Date: 26/01/18
  • Futurism

Germany will have to spend more than 1 trillion euros ($1.2 trillion) to meet the EU’s 2050 climate target

It was only last week that we reported on the European Union’s decision to raise its renewable energy targets from 27 percent to 35 percent. The adjusted targets will impact several member states, including Germany, which elected to backtrack on plans to reduce emissions by 40 percent by 2020. However, the country reportedly still intends to meet the goal of cutting 55 percent of emissions by 2030.

As reported by Reuters, the draft study — which was commissioned by the BDI German industry group and assembled by Boston Consulting and Prognos — states that Germany will have to spend more than 1 trillion euros ($1.2 trillion) to meet the low end of the EU’s target of reducing emissions by 80 to 95 percent by 2050.

While nothing to scoff at, as Sören Amelang at Clean Energy Wire wrote, several energy-intensive industry representatives are wary of the study’s information, as it essentially assumes these plans will go off without a hitch.

“The results assume that politicians only make right decisions from today,” said Kurt Bock, president of chemical industry association VCI and CEO of chemical giant BASF.

Despite the study’s optimism, it does question Germany’s ability to reach the higher end goals, which would push the already high price to around 2.3 trillion euros ($2.8 trillion) even with the expected price drop of renewable energy.

According to Clean Energy Wire, BDI President Kempf explained that reaching an 80 percent emissions reduction would already be a momentous task. 95 percent, then, would be all the more difficult to achieve.

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