Europe requires more action achieve emission cuts

Europe requires more action to achieve emission cuts

11:32 PM, 22nd November 2011
Europe requires more action to achieve emission cuts

LONDON, UK: Europe leads the world in reporting carbon emissions and management. According to the Carbon Disclosure Project (CDP) 2010 Report, Europe still fail to meet the EU Emissions Trading System (EU ETS) emission cap by 2020 on the current trajectory set by the Europe 300 companies. If these companies achieve their current targets they could deliver an average emissions reduction of just 1.5% annually. These cuts fall short of the planned decrease in the absolute emissions under the EU Emissions Trading System (EU ETS) of 1.9% each year on average over 2013 to 2020, and up to 4.1% if the EU decides to embrace the 30% EU-wide GHG reduction target.

The analysis, conducted by CA Cheuvreux, shows while almost 80% of companies reporting to CDP have set an emissions reduction target, the majority will expire by 2012 and less than a quarter of the companies set targets beyond 2015. In order for business to increase these time horizons and realise the required higher targets, the report calls for a clear, long-term regulatory framework. Across all sectors of business almost nine out of ten companies recognise regulatory opportunities emerging from climate change policies.

The CDP 2010 Europe 300 Report, endorses the recent calls for increased collaboration and understanding between policy makers and business to address global climate change to allow greater planning and encourage sufficient investment in low-carbon technology.

“The EU’s long term goal is to cut emissions by 80% to 95% by 2050. This process will eventually impact on companies big and small across all sectors. Joining the Carbon Disclosure Project is a way for businesses to prepare themselves for this transition – and maximise their chances of profiting from it.”

©WOC

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