EU agrees carbon market overhaul in bid to hit 2030 climate go

On 18^th December, EU negotiators reached agreement to reform the EU’s Emissions Trading Scheme (ETS), the biggest carbon market in the world and the bloc’s flagship climate policy instrument. The ETS currently caps the emissions of around 10,000 factories and power plants, allowing those with surplus credits to make a profit by selling CO2 permits on the market. The scheme is now being extended to cover more sectors of the economy in order to align with the EU’s 2030 climate goal – a commitment to reduce net emissions by 55% before they are eventually brought down to zero by 2050.

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EU seals deal on gas price cap after months of wrangling

On 19^th December, EU energy ministers reached a deal to limit excessive gas prices, after months of debate over whether or not to implement a price cap on imports into Europe. Under the agreement, gas prices on the EU’s main trading hub will be capped should they exceed €180 per megawatt-hour (MWh) for three consecutive working days and if they are higher than global gas prices by more than €35/MWh for the same three days.

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Most EU countries sceptical about 45% renewable energy goal: document

France, the Netherlands, Ireland, and several other EU countries are reluctant to back a European Commission proposal to boost the EU’s renewable energy objective for 2030 in response to Russia’s war in Ukraine. In fact, according to a document prepared by Czechia, several EU countries would rather stick with the 40% goal presented by the European Commission in July 2021.

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Draft law for a nuclear project in Romania gets government nod

A draft law regarding the agreement to build two new reactors at the country’s sole nuclear power plant in Cernavoda was adopted by the government, meaning parliament will now debate the text. Energy Minister, Virgil Popescu completely support this law and hope that the Parliament will adopt it as soon as possible in order to move forward with the project.

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IRENA Members Address the Geopolitical Challenges of Energy Transformation

“It is abundantly clear we need to understand the geopolitical implications of the energy transition, so that we can proactively shape its outcomes,” remarked IRENA Director-General Francesco La Camera at the opening of the sixth meeting of the Collaborative Framework on the Geopolitics of Energy Transformation. The virtual meeting was attended by nearly 40 participants from Members and States in Accession to discuss the intersection of geopolitics and energy transformation set against a backdrop of the global energy crisis.

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Four key takeaways from the Chilling Prospects 2022 Climate Special

The Chilling Prospects 2022 Climate Special analysis takes a deep dive into the multi-faceted risks faced by populations with estimated medium and low access to cooling risk in 2030. The findings highlight the importance of placing policies for access to energy-efficient and sustainable cooling at the core of efforts to achieve SDG7.3. At the same time, it shows how a combination of sustainable cooling solutions and the decarbonization of electricity supply can mitigate the growth in cooling-related greenhouse gas (GHG) emissions and drive progress towards SDG7.2, including in rural areas.

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How China can boost Southeast Asia’s energy transition

China can help ASEAN countries reconfigure their electricity systems around renewable energy by sharing its own experiences. Although rapid growth has raised living standards significantly in Southeast Asia, it has also brought serious environmental problems including smog, water pollution and CO2 emissions. The main cause of these problems is the extraction and use of fossil fuels. China, as an electricity-transition pioneer among developing countries, can be a “booster” for the transition in ASEAN by formulating stronger policy cooperation with the region, as well as sharing its own experience and lessons learned.

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Renewable power growth to double over next five years – IEA

 The global energy crisis is turbocharging the energy transition, with the world set to add as much renewable power in the next five years as it did in the past 20, according to a new International Energy Agency report. Concerns over energy security caused by the Ukraine war have seen countries increasingly turn to renewables such as wind and solar as the prices of imported fossil fuels have skyrocketed. Global renewable power capacity is now forecast to increase by 2,400GW from 2022 to 2027, equivalent to the power capacity of China, according to the latest edition of the IEA’s annual report on the sector, Renewables 2022.

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