A group of leading companies and investors will meet with the three Presidents of the European Institutions today to argue that low-carbon growth is the most effective driver of economic recovery and the best foundation for future prosperity in Europe.
The Prince of Wales’s EU Corporate Leaders Group on Climate Change (EUCLG) will meet the President of the European Commission, Jose Manuel Barroso, to make their case over a breakfast meeting.
The breakfast will also benefit from key insights of the Institutional Investors Group on Climate Change (IIGCC). Discussions will focus on the policy measures needed to enable the EU to exit the recession and retain its leading role in the development of a low carbon economy.
The meeting will be held in advance of a Low Carbon Prosperity Summit, hosted by President of the European Parliament, Jerzy Buzek, in collaboration with the EUCLG.
The Summit will be attended by over 300 MEPs, economists Lord Nicholas Stern and Dr. Ottmar Edenhofer, the EUCLG, P8 and IIGCC members.
The Prince of Wales has been invited by the President of the European Parliament to address the Summit alongside the President of the European Commission, José Manuel Barroso, and President of the European Council, Herman van Rompuy.
The purpose of the meetings is to strengthen the dialogue between EU policy makers, business leaders and investors on how best to support the development of a low carbon economy and take advantage of the tremendous economic and social opportunities offered by green growth.
The package of measures the EU CLG and IIGCC leaders will call for, includes:
* Clear policy frameworks and timetables which are needed to give business leaders and investors confidence in the future direction of climate regulation. With estimates suggesting that the vast majority of capital must come from the private sector, these policies must provide long term investment certainty. Recent examples of retroactive policy changes have seriously undermined the confidence of investors and weakened their appetite for policy backed low carbon investments.
* The adoption of more ambitious short-term and medium term targets to help drive up the carbon price and incentivize low carbon investments to reach the EU’s 2050 GHG emissions reduction targets of 80-95%. Weak carbon prices have seriously undermined domestic investments in many low carbon technologies, as well as the development of emissions trading across the EU and internationally.
* A revision of the EU budget for 2014-2020 to take into consideration the increased low-carbon economy funding needs, funding for low-carbon energy technology research, development and deployment and new ‘smart green’ low-carbon solutions from other sectors such as the buildings and ICT sectors.
* Consumer initiatives, including low carbon education programmes and labelling schemes, which will help to inform consumer choice, as well as stimulate product innovation and create new markets.
Dr. Graeme Sweeney, Executive Vice President, CO2, at oil giant Shell said: “The European Union has been a global political leader in climate change policy for many years. The combination of a resilient and effective carbon market along with practical support for vital emerging technologies such as Carbon Capture and Storage (CCS) provides a useful framework for the coming decades.
“However, ongoing and timely action is essential to ensure this framework remains robust. The EU needs to clearly define its 2030 goal, set out its objectives for the 2020s and reshape the EU’s Emission Trading System (ETS) in support of these.
“In addition, the EU needs to move quickly to deliver ongoing political and essential financial support to progress the first round of CCS projects by 2015.”
Steve Ridgway, Chief Executive, Virgin Atlantic said “Airlines will be included in EU ETS from 1 January 2012 but, for many of us, building the cost of carbon into our major business decisions is nothing new.
“To really deliver on climate change targets future policy frameworks for carbon must be both environmentally effective and economically efficient, and for aviation this means working at the global level.
“But it will also need businesses and global policymakers to work together creatively, to bring consumers along with us".
Philippe Delpech, EMEA President of Carrier Corp, added: “A low carbon economy in Europe has to literally start on our doorsteps – our buildings waste an enormous amount of energy – but they don’t have to. Technology solutions exist today; the challenge is getting them out there in our public buildings, homes, offices and factories. Politicians can jump start this by setting ambitious goals for ‘low carbon’ buildings.”
Post a comment