Tractors block a highway during a farmers' protest in northeastern Spain in February.Emilio Morenatti/APThe European Union risks missing its 2030 climate goals, with Germany and Italy lagging behind.The two countries may have to spend €15 billion on carbon credits to comply with a climate law.A carbon credit shortage could lead to a costly bidding war and legal issues for EU nations.The European Union is at risk of missing its ambitious climate goals for 2030, and Germany and Italy are largely to blame.The two countries are so far off track of cutting greenhouse gas emissions in industries like transportation and buildings that they could be forced to spend upwards of $16.1 billion (€15 billion) on carbon credits to comply with an EU law, according to research by T&E, a nonprofit that advocates for cleaner transportation.There's just one problem: Germany and Italy could eat up the majority of credits available across the EU, setting up a costly bidding war by other countries that also miss their climate goals."Germany and Italy are eating up all available carbon credits from their neighbours, leaving them stranded and at risk of legal proceedings," Sofie Defour, climate director at T&E, said in a statement.
Similar Stories to Germany And Italy Are The Biggest Climate Laggards In Europe, Study Finds on Bing News
cboudreau@insider.com (Catherine Boudreau), Business Insider
Wed, 06/19/2024 - 7:10pm
Topics: spain february emilio morenatti/apthe european union sofie defour the german an eu effort sharing regulation greece poland france european parliament business insider eu european union italy germany t&e climate countries carbon credits emissions billion transportation law missing face farmers goals targets agriculture bidding spend slash comply costly war citizens legal risk buildings track industries
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