The European Commission has released its annual report on progress towards climate targets. The report shows that EU is on track to meet its 2020 target and that Member States will use as much as €3 billion of their new Emission Trading System auction proceeds for investments in climate and energy.
The Progress Report published today shows that in 2013, greenhouse gas (GHG) emissions fell by around 1.8% compared to 2012, keeping the EU on track to meet its 20% target by 2020. The report also shows that the Emission Trading System (ETS) auction proceeds amounted to €3,6 billion in 2013, out of which Member States will use as much as €3 billion for investments in climate and energy such as energy efficiency, renewables, research and sustainable transport. This is significantly more than the 50% level recommended in the EU ETS Directive.
EU Climate Action Commissioner Connie Hedegaard said: "Delivering on 2020 climate goals shows that Europe is ready to step up its act. And better, still: it shows that the EU is delivering substantial cuts. The policies work. Therefore, the EU leaders last week decided to continue the ambition and reach at least 40% by 2030. This will require significant investments. That's why it is encouraging that Member States have decided to use most of their current ETS revenues to invest in climate and energy and continue the transformation to a low-carbon economy."