Over 350 cities across Europe have signed a “Covenant of Mayors” committing them to CO2 emissions reductions of over 20% by 2020, according to the BBC.
EL recently reported that the EU’s carbon trading scheme is not reducing emissions. Carbon allowances have fallen to an all-time low of $12 a ton (9.5 euros), which makes it cheaper to pollute than invest in green strategies.
But the participating EU mayors have agreed to submit a sustainable energy action plan within the next 12 months, and report on their progress every two years to their citizens and the commission. To get investment rolling, the commission plans to provide European Investment Bank (EIB) credits for the cities.
Cities in 23 EU countries have joined up including London, Paris and Madrid. Cities in Switzerland, Norway, Ukraine, Croatia, Turkey and Bosnia-Hercegovina have also joined.