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On 8 March the European Commission adopted the ‘Road map for building a competitive low‐carbon Europe by 2050′. The roadmap identifies the optimal way for the EU to domestically reduce greenhouse gas (GHG) emissions to 80% below 1990 levels by 2050. Though not legally binding, the roadmap sets interim targets for 2030 (‐40%) and 2040 (‐60%), while the 2020 target could be overshot by meeting the current 20% energy efficiency target.
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On 8 March the European Commission is scheduled to publish a communication paving the way for a low‐carbon economy in 2050. A leaked draft indicates that, in order to be on track with the overall EU objective to reduce greenhouse gas (GHG) emissions by 2050 in the range of 80 to 95% compared to 1990 levels, a cost‐effective and gradual transition would require a 40% domestic reduction of GHG emissions compared to 1990 as a milestone for 2030, and 80% for 2050. Major reductions would come from the power sector, ranging between 54% to 68% by 2030 and a massive 93% to 99% by 2050 compared to 1990.
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On 6 December the European Commission launched a public consultation seeking to identify the appropriate volumes of allowances for the third trading period of the EU Emission Trading Scheme, to be auctioned before 2013. EURELECTRIC stated its preliminary views at a stakeholders’ meeting on 13 December.
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On 12 November, at the conclusion of the comitology procedure, the European Commission adopted the Auctioning Regulation for the third trading period of the EU Emission Trading Scheme. The regulation will officially enter into force in the coming days, following translation into the EU official languages and publication in the Official Journal of the European Union. Nevertheless, some crucial elements still need to be determined, like the volume and timing for auctioning prior to 2013 and the number of platforms where allowances will be auctioned.
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On 14 July the Climate Change Committee unanimously approved the draft auctioning regulation for the third trading period of the EU Emission Trading Scheme. Under this regulation, a centralised European auctioning platform will co-exist with national platforms for the first five years. However, the calendar and the volumes of allowances to be auctioned prior to 2013 still have to be defined. EURELECTRIC has encouraged the Commission to conduct early auctioning in 2011.
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After its publication on 6 April, the draft auctioning regulation is now in Member States’ hands, in the so-called comitology procedure. A vote in the Climate Change Committee should theoretically take place on 18 May, but too many unresolved issues keep on animating the political scene. Missing the 30 June deadline set in the emission trading scheme directive seems more and more likely.
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