IMPORT OF CHEAP ELECTRICITY FROM MACEDONIA THREATENING EU'S CLIMATE AMBITIONS, SANDBAG SAYS.
The import of electricity from the Western Balkan countries, including Macedonia, poses a threat to the EU's ambition of reducing CO2 emissions, Sandbag, a British think tank, says in its latest report.
The EU emissions trading system (EU ETS) is a cornerstone of the EU's policy to combat climate change and a key tool for reducing green house gas emissions cost-effectively. It is the world's first major carbon market and remains the biggest one.
The EU ETS works on the 'cap and trade' principle.
A cap is set on the total amount of certain greenhouse gases that can be emitted by installations covered by the system. The cap is reduced over time so that total emissions fall.
Within the cap, companies receive or buy emission allowances which they can trade with one another as needed. They can also buy limited amounts of international credits from emission-saving projects around the world. The limit on the total number of allowances available ensures that they have a value. The system aims to achieve zero greenhouse gas emissions by 2050.
However, according to Sandbag's latest re port, member states are bypassing the system purchasing electricity from coal-powered plants in neighboring countries such as Turkey, Ukraine, Morocco and the Western Balkans.
Report statistics reveal that Macedonia is the leader of the region and that the main purchasers of its electricity are Greece and Bulgaria.
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|Title Annotation:||BUSINESS NEWS|
|Publication:||INFOMAC Daily News Service|
|Date:||Jan 31, 2020|
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