Rising CO2 costs accelerate the coal exit in Germany. With the EU’s carbon price trading above €56 per ton, a lignite power station in Chemnitz will be shut early and the conservative chancellor candidate Armin Laschet suggested North Rhine-Westphalia (NRW) “could manage [the coal exit] as early as 2030” – years before the mandatory exit date in 2038.
The European Commission’s ‘Fit for 55’ legislative sets a 55% net emission reduction target to 1990-levels by 2030 and acknowledges the critical role electricity will play. “Everything that can be electrified, should be electrified,” analysts commented. For industry sectors not suitable for electrification, Brussels is promoting low-carbon hydrogen, carbon capture and storage and biofuels.
New Fortress Energy, the US LNG supplier in the Americas, has received three permits from Mexican Energy Regulatory Commission (CRE) for regasification, storage and distribution of the superchilled gas at its Pichilingue LNG facility near La Paz. The imported LNG will be used to fuel the LaPaz and Baja California Sur power plants.
Germany’s coalition government has approved a ‘climate pact’ that allocates up to €8 billion to finance initiatives from 2022. Urgent action is required in energy, industry and transport as Chancellor Angela Merkel vowed Germany will reach Net Zero emissions five years earlier than planned in 2045. The steel, chemicals and cement industry has come under intense scrutiny.
President Joe Biden’s latest announcement to reduce US greenhouse gas emissions by “at least 50% by 2030” has been welcomed by policy makers in the EU. The target more than doubles the US prior commitment under the Paris Agreement. A few days earlier, the UK announced a radical new 78% emission reduction target by 2035.
The United Kingdom, host of the COP26 climate summit in November, plans to announce more ambitious climate targets “in the coming days.” According to the Financial Times, the UK’s new pledge will be to cut emissions by 78% compared to 1990-levels by 2035. If realised, Britain would outperform other major economies, notably in Europe.
Germany’s Federal Network Agency (BNetzA) has defined the route for a much-debated new direct current power transmission line that will bring wind power from the North to the Germany’s industrial south. The regulator approved the last 190-km stretch of the 700-km grid connection, called SuedLink, set to be built by the TSOs TenneT and TransnetBW.