Other measures include an EU-wide binding target for renewable energy of at least 27% in 2030, reform of the Emissions Trading System (ETS), and a review of energy efficiency.
The ETS will be be bolstered by a reserve fund which the European Commission says would, "both address the surplus of emission allowances that has built up in recent years and improve the system's resilience to major shocks by automatically adjusting the supply of allowances to be auctioned."
The Carbon Capture and Storage Association (CCSA) welcomed the new GHG reduction goal, but was critical of the renewables target.
"It is absolutely critical that Europe sets an ambitious target for emissions reductions for 2030," commented Dr Luke Warren, Chief Executive of the CCSA. "This must remain the cornerstone of the EU’s response to climate change and will be vital in driving future investment in all low-carbon technologies, including CCS. We strongly support the UK’s position that anything less than a 40% target will not be sufficient."
"We are extremely disappointed that the Commission has recommended a dedicated renewables target. We have seen from the existing 2020 package that a renewables target disproportionately drives investment into renewables and disadvantages other low carbon technologies such as CCS."
"We strongly recommend that this renewables target is either dropped or expanded into a ‘sustainable energy’ target which includes CCS. This would provide Member States with the flexibility to meet targets at the lowest cost to consumers."
"If Europe is to decarbonise at least cost, Member States must have flexibility in how they meet targets. We cannot afford a dedicated renewables target; CCS must be an integral part of the mix."