Report wants $1.3trn EU injection

Committee chairman Patrick Carter says muddled Brussels policy is putting off big investors

Committee chairman Patrick Carter says muddled Brussels policy is putting off big investors

A clearer policy is needed if the EU is to deliver secure, affordable low-carbon energy, according to a report by the UK’s House of Lords.

The study by the EU Sub-Committee for Agriculture, Fisheries, Environment and Energy says an injection of €1trn ($1.3trn) is needed this decade.

The peers conclude that muddled Brussels policy is putting off big investors. They express alarm at “the degree of uncertainty, complacency and inertia” around how this level of investment can be achieved.

The report calls for stronger EU leadership, a revised Emissions Trading Scheme (ETS); a greenhouse gas reduction target of 40% compared to 1990 levels, rising to 80% by 2050; and the development of electricity interconnections between countries.

It follows an eight-month inquiry, during which the committee heard from Log in to read complete article.

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