The only thing Europe can quickly do to prevent a potentially difficult winter is to actively promote energy conservation in both the residential and industrial sectors.
Europe’s gas supply security could more effectively be safeguarded by ensuring that unused alternatives are maintained.
Why the sudden spike in European electricity and gas prices?
Surging natural gas prices in Europe, driven by rising demand and tight supply, are pushing up electricity prices; to prevent volatility, governments need to commit more clearly to a low-carbon future.
Climate change and taxes may be some of the only true certainties in life. To protect ourselves better, we should make careful choices on how they interact.
Despite different strategies, the European Union, the United Kingdom, the United States, China and Japan all expect hydrogen to play a significant role in the decarbonisation of their economies by expanding its use in energy and transport systems.
Policies are needed to support green fuel switching by households; support should be phased out as the carbon price rises.
Rapid emission cuts need a carbon price for the whole economy. This must be introduced in careful stages.
Policymakers must address the need to displace carbon-intensive hydrogen with low-carbon hydrogen, and incentivise the uptake of hydrogen as a means to decarbonise sectors with hard-to-reduce emissions.
Which role carbon pricing could and should play in the future policy mix?
Putting carbon pricing at the centre of the EU climate policy architecture would provide major benefits. Obtaining these benefits requires a uniform, credible and durable carbon price – the economic first-best solution, however, several preconditions required to attain this solution are not yet met. This paper proposes a sequenced approach to ensure convergence of the policy mix on the first-best in the long run.
Second edition of the Paris Reinforce workshop with focus on Central Asian and Caspian (CAC) region.