Posts tagged ‘philip lowe’
We’ve flagged our conference last week on financing Europe’s energy needs shamelessly on this blog in recent days and weeks. You’ll be happy to know, no more. This is the last reference to it we shall make. Just to note for the 150 souls that didn’t make it off the waiting list to gain entrance, many of the principal speakers agreed kindly to repeat some of their main points to camera post their conference interventions.
You can find everyone from Sharon Bowles MEP to Philip Lowe of DG Energy speaking on energy, climate and Europe here.
A highlight was hearing Dr. Fatih Birol from the IEA contrast the good that could come from Europe reasserting its leadership role on climate while warning Europe about the impact such leadership could have on European competitiveness. Jos Delbeke from the Commission perhaps unsurprisingly argued for a renewal of EU leadership in the field. Today’s Commission work programme suggests he may well win out.
Yesterday at the FH/Barclays Capital Conference on Financing Energy Needs, a lot was said about financing mechanisms for energy investments and climate mitigation measures.
As argued by Philip Lowe and Jos Delbeke, the lion’s share of funds will have to come from private sources, because of Member States’ reluctance to dedicate national funds in these times of economic crisis. Another source of revenue will eventually come from carbon markets, but with current low carbon prices, this is a long-term perspective rather than an immediate solution. A high carbon price is deemed necessary for expensive technologies such as CCS (Carbon Capture and Storage). Participants generally argued in favour of a global carbon market, which would yield more benefits and generate more revenues (estimated at $2 trillion by 2020 if the U.S. gets on board).
Jos Delbeke underlined the Commission’s willingness to link up cap-and-trade systems by 2015 at a global level. Today this perspective seems unrealistic, given that other big emitting countries are still far away from adopting a model comparable to the EU ETS.
It is still unsure whether the US will enter the race. As described in The Economist last week, the cap-and-trade provision in the US Senate Climate Bill will not be a centrepiece of the legislation, as it should only apply to electrical utilities and leave out transport and industrial emissions – at least for now. Reasons for this are threefold: industry reluctance, skepticism for market mechanisms as a result of the financial crisis and fear for the US competitiveness when China does not intend to put a cap on its emissions for the time being.
In Japan, the Cabinet approved a Climate bill early March, but its provisions on a cap-and-trade system have been watered down. The text will now be examined in Parliament and industries covered are still to be defined, but for the same reason as in America, the end result may differ greatly from the EU ETS.
In sum, there are still several hurdles to a global carbon market…
Tomorrow sees our conference on financing Europe’s energy needs at the Bibliotheque Solvay. Alas, we reached the 200 delegate limit some time ago and so there is around 100 of you that won’t get to attend in person due to Belgium’s pesky fire regulations.
Fear not. You can follow discussions on our Twitter feed http://www.twitter.com/eurotwittering or using the hashtag #euenergy If you are there in person, feel free to join in the conversation online.
We shall be tweeting the comments from speakers such as Jos Delbeke, Philip Lowe, Sharon Bowles MEP and Lena Ek MEP throughout the event.
In addition, members of our team shall be posting on this blog in coming days with their own reflections on the discussions from the event.
Greatings from a sunny, if cold, Washington D.C. where we’ve been having our global public affairs meeting over the past couple of days. Many highlights in the course of the two days, much of which you can catch at the FH Public Affairs twitter account. DC colleague Silvio Marcacci patiently sat at the back of the room tweeting away as various colleagues gave their views on everything from food safety and healthcare to energy and financial services. We’ve also some video that we shall be seeking to upload on the FH Public Affairs Youtube Channel.
On energy and financial services, I bring news from DC of something that is happening in Brussels later this month.
The first annual conference that is seeking to bring together those who know about energy with those who know about finance. Tackling climate change and answering our energy needs as a continent are going to take some serious investment of both political will and cold hard cash. It seems, at least to me from a personal perspective, that Europe needs to put as much ‘political leadership’ in this domain as it expends in seeking to lead in negotiations for binding targets on climate change at an international level. As such, it will be interesting to hear what some of our speakers have to say, especially as they include the Director Generals of both Climate Action (Jos Delbeke) and Energy (Philip Lowe) amongst others.
You can find out more about the event on March 24, which F-H is co-sponsoring, here.