Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

EU parliament votes to allow some gas projects to get green transition money

share with twitter share with LinkedIn share with facebook
09/16/2020 | 08:56am EDT
FILE PHOTO: Members of the European Parliament wait  for the start of a plenary session in Brussels

The European Parliament said on Wednesday it has voted to allow some gas projects to tap the European Union's flagship green transition fund, teeing up tough talks with the bloc's executive and national governments, which have already agreed to exclude the fuel.

The EU wants to launch a multi-billion-euro Just Transition Fund with cash from the bloc's coronavirus recovery fund and budget, to help fossil fuel dependent regions shift to cleaner energy.

The goal is to push members towards EU goal of net zero emissions by 2050, and a new, tougher 2030 target for emission cuts, which the EU Commission proposed this week.

But final rules need to be decided by the European Parliament together with the Commission and national governments, which have said the fund should not support any fossil fuels.

The parliament on Tuesday voted to back an amendment to make some gas projects eligible for aid and will formally approve its position with another vote on Wednesday. The projects must be in coal-heavy regions and comply with the EU's 2030 climate target.

Greece's Manolis Kefalogiannis, lead lawmaker on the issue, said the rules enabled a "limited possibility of investments in natural gas as a 'bridging fuel'".

Others said spending public money on gas contradicted EU lawmakers' promise, made last year, to tackle the "climate emergency".

"It's just not explainable to the public," said German Green party lawmaker Niklas Nienass.

Gas emits roughly 50% less CO2 than coal when burned in power plants, but it is also associated with leaks of methane, a potent greenhouse gas.

The EU parliament also said countries should only get Just Transition Fund money if they pledge to become climate neutral by 2050 - a condition aimed at Poland, the only country that has not signed up to an EU-wide goal to become climate neutral by that date.

By Kate Abnett


share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
02:45pS&P 500, Dow slip on earnings worries, stimulus uncertainty
RE
02:39pVisa's deal to buy fintech startup Plaid faces antitrust scrutiny - WSJ
RE
02:39pWTO Is Poised to Pick Its First Female Leader
DJ
02:30pFACEBOOK : says suspected Iranian hackers behind U.S. election threats operated in 2019
RE
02:25pBrazil September debt issuance second highest on record
RE
02:16pCarlsberg Raises 2020 Guidance as Volume Growth Rises in 3Q
DJ
02:09pItaly approves new stimulus package to help COVID-hit business
RE
02:09pItaly cabinet approves new stimulus package to help covid-hit businesses - pm conte
RE
02:01pCalifornia Ranch Once Owned by McDonald's Founder Ray Kroc Asks $29 Million
DJ
01:55pREMINGTON ARMS WORKERS ON LAYOFFS, LOSS OF BENEFITS : 'Apparently I wasn't worth anything'
PU
Latest news "Economy & Forex"