The impact of international GHG trading regimes on penetration of new energy technologies and feasibility to implement EU Energy and Climate Package targets

The EU's new energy and environment policy – agreed by government leaders in their Council meeting in March 2007 – established a political agenda to tackle three core energy objectives: sustainability, economic competitiveness and security of supply. A triad of specific policies addresses these challenges: first, the 20/20/20 targets of the EU; then, the Second Strategic Energy Review of the European Commission; and finally, plans to liberalise energy markets. The European Union's ‘20/20/20′ targets for 2020: reduce greenhouse gas emissions by 20% comparing with 1990 level (to become a 30% reduction if other major global economies join), increase the share of renewables in the final energy consumption to 20% and to achieve 20% improvement in energy efficiency compared to the level in 2020 if existing trends were to continue.