The deadline for EU firms to submit their total 2021 carbon emissions to the EU is today.
Under this ruling, industrial power plants and airlines have to report the number of carbon emissions they have released in comparison to their numbers from the previous year.
The European Commission reported that greenhouse gas emissions from stationary installations increased by 7.3% in 2021 to a total 1.311 billion tons. With the lifting of COVID-19 restrictions and increased international travel, rising carbon emission levels are to be expected. However, levels are still lower than before the pandemic, and therefore not as concerning to lawmakers. In addition, the Emissions Trading System (ETS) has proposed new reforms for emission levels, which will target these rising rates.
Expect the fillings to show an increase in carbon emissions in the EU during 2021—driven largely by the economic ramp up of the post-COVID-19 recovery—along with increased consumption of coal in the power sector over 2021 due to high gas prices. Subsequently, the ETS will likely present legislation that hopes to meet the EU’s Green Deal targets and expect the body to address any other concerning factors from the report.
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Margaux is an Analyst and regular contributor to The Daily Brief, specializing in geopolitical and security issues in the Middle East.