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New EU CO2 Plans Will Affect Heavy Industry

EU officials have acknowledged that a new plan to tighten greenhouse gas admissions will take a toll on the competiveness of some heavy industries, reports this article. The new rules will be unveiled by the European Commission on January 23.According to official documents, the aluminum producers would be most affected, while chemical, steel and cement makers, to comply with the new standards, would have to raise prices between 5 and 48 percent. Reportedly, the EU executive is still divided on whether to introduce measures that would protect some sectors, such as energy intensive industries.

Overall, it’s estimated that should the changes occur, Europe’s GDP would drop by 0.1 percent but that jobs lost in the affected industries would be offset by new opportunities in the low-carbon economy.

The commission is also considering a carbon tariff on goods from countries whose emission policies aren’t as strong as Europe’s.

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