Renewables

Timmermans: energy price hikes should speed up green transition, not slow it down

timmermans-energy-price-green-transition

Photo: Frans Timmermans/Twitter

Published

September 17, 2021

Country

Comments

0

Share

Published:

September 17, 2021

Country:

Comments:

0

Share

The solution to the recent price increases in the energy sector should not be to slow things down in the EU’s green transition, but rather to speed them up in order to make renewable energy affordable to everyone, according to Frans Timmermans, the European Commission’s vice president in charge of the European Green Deal.

Only about a fifth of the energy price increase can be attributed to the rising costs of CO2 emissions, while the rest is simply due to a market shortage, according to Timmermans, who was speaking at the European Parliament during a debate on Fit for 55, a package of proposed legislation aimed at helping the EU reduce greenhouse gas emissions by 55% by 2030.

Timmermans: only about a fifth of the energy price increase can be attributed to the rising costs of CO2 emissions

At the end of August, the carbon price, a key incentive to emitters to switch to clean energy, topped EUR 60 per ton for the first time ever, compared with about EUR 31 per ton in December 2020.

Timmermans also noted that the prices for renewables have stayed low and stable during this energy price crisis. According to him, had the EU had the European Green Deal five years earlier, the crisis would not have arisen as the bloc would be less dependent on fossil fuels and natural gas.

The prices for renewables have stayed low and stable during the energy price crisis

Noting that all measures proposed in Fit for 55 will affect energy prices, Timmermans called for making sure that does not affect the most vulnerable groups. The EU members should take steps to ensure that the burden of the energy transition is evenly distributed across society, he said.

EU members should ensure that the burden of the energy transition is evenly distributed in society

“The one thing we cannot afford is for the social side to be opposed to the climate side,” said Timmermans.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Mitsotakis In face climate devastation new Greece emerging

Mitsotakis: In face of climate devastation, new Greece is emerging

04 December 2023 - Highlighting this year's catastrophic wildfires and floods, PM Kyriakos Mitsotakis said at COP28 that a new Greece is emerging nevertheless

slovenia fee municipalities wind farms

Municipalities in Slovenia to get EUR 200,000 per MW of installed wind farm capacity

01 December 2023 - Incentives are another attempt to speed up wind farm projects in Slovenia, which hosts only three wind turbines

Sustainability risk management key Croatia green transition

HROTE’s Budimir: Sustainability, risk management are key for Croatia’s green transition

01 December 2023 - Ne CEO of Croatia's regulatory body HROTE Darjan Budimir says sustainable business models and quality in risk management are key for a successful green transition

Greece launch first guarantees origin auction early January

Greece to launch first guarantees of origin auction in early January

30 November 2023 - The first guarantees of origin of electricity in Greece are reportedly planned to be auctioned in the first half of January