As of right now, Germany is falling short of its European climate targets and will have to pay for access to produce and emit greenhouse gases due to the nations polluting farms, factories, and vehicles. This comes after Chancellor Angela Merkel, a longtime proponent of reducing emissions. delivered the news. As a result, Germany will now have to purchase greenhouse gas emissions allowances for the following two years from other European Union members.
“Germany has been on the forefront of industrial production in Europe for many years. However, every nation must choose a proper balance of economic growth that will not cause substantial, irreversible damage to the environment” said Keith Knutsson of Integrale Advisors.
The extent of the shortfall will only be known after these next couple of years. The permits will then be purchased from another country in the European Union. This price can vary and has yet to be determined. One thing we do know, is it will come at the price at the expense of German taxpayers.
As part of Germany’s agreement to prevent global warming under last year’s Paris Accord, the European Union has pledged to curb global warming by continuing to pursue reductions in carbon discharges not only for industrial production but also for agriculture and waste.
A previous report from the European Commission displayed that emissions from the European Union would remain below the 2020 target, with 21 member States expected to keep or reduce their emissions below their national targets by 2020.