EU Green energy

Research by think tanks E3G and Ember showed that record-breaking wind and solar production meant the European Union averted €11 billion in extra gas costs since the Russian invasion began in February. "Wind and solar are already helping European citizens," says Dr Chris Rosslowe, senior analyst at Ember, an independent energy think tank. A quarter of the EU's electricity was generated by wind and solar from March to September - its highest-ever level, according to the report. "Surging renewable electricity has helped protect Europe from an even worse energy crisis following Russia's invasion of Ukraine," he said.

Skyrocketing gas prices have fuelled record-breaking inflation this year, sparking a cost of living crisis across Europe and pushing other parts of the world to famine.

EU decisions led to reliance on fossil fuels.

Dr Rosslowe says past policy choices increased the EU's reliance on gas and held back renewable energies. The report "brings into focus a lost decade in Europe," he says. European leaders accuse Russia of weaponising energy exports following its invasion, particularly after the Nord Stream 1 gas pipeline was halted in September.

A significant lift in ambition is needed.

"With tight LNG markets sustaining high gas costs for the next years, governments need to support the clean energy ambition of RePowerEU, making it a core element of the energy price crisis response," said E3G Senior Associate Artur Patuleia.

www.sba.tax

Comments

Cloud Bookkeeping

US FED rate rise.

The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...

EU business slide.

S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...

Tariffs on UK electric cars.

The European Commission has confirmed that it will continue with its plan to impose tariffs on electric cars exported between the UK and EU starting next year. This is due to the "rules of origin" requirement that mandates EVs traded across the English Channel to have 60% of their battery and 45% of their parts sourced from the EU or UK or face a 10% tariff. A senior Commission official, Richard Szostak, recently informed parliamentarians from the UK and EU that the bloc's battery investment has significantly declined, making the tariffs necessary to encourage domestic production. In 2022, the EU's share of global investment in battery production shrank from 41% to only 2% after the US offered substantial subsidies through its Inflation Reduction Act. Starting in 2024, car manufacturers in the UK will need to have 22% of their sales come from zero-emission vehicles, which means they may need to import EVs from the continent to meet this requirement. If EU carmakers ...

Search This Blog