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Energy Crisis? What Energy Crisis? EU Will Urge World’s Biggest Economies to Double Down on Net Zero at COP27
According to a draft document seen by Reuters, the European Union will urge the world’s biggest economies to improve their carbon emission targets to fight climate change ahead of COP27, this year’s U.N. climate summit. The news agency has more.
Despite a raft of new emissions-cutting commitments countries announced at last year’s COP26 climate summit, “global climate action remains insufficient”, the EU said in a draft of its negotiations mandate for the COP27 summit in Sharm El Sheikh, Egypt, in November.
The draft, which faces weeks of negotiations and could change before EU countries approve it in October, said polluters must revise their targets if the world is to stop global warming spiralling beyond 1.5 degrees Celsius.
“[The EU] calls upon all Parties to come forward with ambitious targets and policies and urges in particular major economies that have not yet done so to revisit or strengthen the targets,” it said.
Nearly 200 countries will convene at COP27 after what has been for many a devastating summer of drought, heatwaves and other climate-linked extremes.
But the talks on how to curb emissions, and fund those efforts, face the tough context of an energy crisis that is exhausting state budgets and prompting some countries to burn more coal.
The EU is the world’s third-biggest emitter, after the United States and China.
Worth reading in full.
Stop Press: The average household energy bill will hit £6,600 a year next spring, according to Cornwall Insight. The Telegraph has more.
Stop Press 2: Energy consultancy Auxilione predicts the price cap will rise to £7,263 next April. MailOnline has more.
