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Changing of the guard in Europe. Politics and economy of the EU “zeleneyut”

Changing of the guard in Europe. Политика и экономика ЕС "зеленеют"

In the European Union there is a change of guard. Spring new composition of the European Parliament. In December, the European Commission will take its rights. Since October mastering the powers of the new leaders of banking institutions. Their first major step was the revision of funding priorities. for example, The European Investment Bank has decided to stop lending to gas projects. According to the British BBC news service, the bank did so with the consent of the new European authorities.

Disputes on the "green" theme

At the heart of this solution lies Investbank overall "greening" of the European and even world politics. It owes its development at the turn of the centuries, gradually increasing the pace and grew into a global trend. First it was the famous Kyoto Protocol 1997 of the year, countries are obliged to reduce or stabilize greenhouse gas emissions.

In the new century, the crown of "green" policy was the UN Conference on Climate, which took place in December 2015 in Paris. it, we remember, the international community finally inclined to the view of the climate scientists, who see global warming causes only manmade. First of all, the uncontrolled release of greenhouse gases.

In Paris, an agreement was reached on a planetary scale. His declared goal - the second half of this century (to 2050 year) "Come to a balance between the volume of gas, emitted into the atmosphere, and absorbed naturally, that is, the seas and forests "to the end of the century" to keep global warming to within two degrees Celsius compared with pre-industrial levels ".

Four years after the UN Conference on Climate international community did not come to a consensus about how to address this growing problem. It says here the vagueness of the Paris Agreement in many ways. In contrast to the Kyoto Protocol, itemized strict quotas for greenhouse gas emission, Paris document, According to experts, contains "only blurred the words".

The world's leading economy (eg, USA, China and India) already started the revision of the agreement. This affected the scope of financial support to poor countries, the most vulnerable to climate change. Renewed debate about the acceptable limits of global warming (discussion comes in the range of 1,5 to 3 degrees Celsius) etc. Washington has even announced its withdrawal from the agreement.

Gunpowder in this difficult topic tossed environmental activists of all stripes. Today they surprised the world for its exotic projects. Get at least offer them - to abandon the consumption of meat, to reduce the number of cattle, polluting the atmosphere of the planet for its natural gas emissions ...

Banks thought two years

At first, the Paris Agreement is not particularly affected the banking community. Their task is formulated only two years later, when eight central banks have created a union for environmental financial system (Network of Central Banks and Supervisors for Greening the Financial System). The main motivation for the creation of such associations have the risks of global warming - the frequent natural disasters (floods, drought, fires, devastating storms).

Losses brings business, Insurance companies. According to the World Bank, over the past decade the losses from natural disasters exceeded 2 trillion dollars (threefold, than in the eighties of the last century, in comparable prices). For compensation of the damage only insurance companies have spent more than 700 billions of dollars.

Thinking NGFS bankers and capital reallocation due to the "greening" of the economy. I.e, We chose the new priorities of the funding of business projects, where the leading role was taken the development of environmentally friendly transport, renewable energy and energy efficiency. The first victim of this policy was coal.

Changing of the guard in Europe. Политика и экономика ЕС "зеленеют"

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Now banks, outside the United NGFS, denied loans to companies, utilizing coal energy. And, This applies both to ensure its production, and maintenance of the coal-fired thermal power plants and equipment.

Currently, the pool of the eight central banks joined by about thirty participants, including supranational - World Bank, OECD, International Finance Corporation, EBRD. The largest segment of this association occupy central banks of European countries. So there is nothing surprising in the fact, that the chief of the European Union Institute for Development - European Investment Bank - went into "green" economy.

And we have gas in the apartment ...

another surprise: why now under the knife bankers got enough eco-friendly energy source - natural gas? All the more so in the last five years the European Investment Bank has financed industry, associated with the minerals in the amount of more 13 billion euros. Two-thirds of this amount is spent just on gas projects and infrastructure.

During these days, eg, entering the home stretch long-term construction of the Trans-Adriatic gas pipeline (TAP). According to him, Azerbaijani gas from the Shah Deniz field in the end of the year will go to the European market and partly to rival our "Gazprom" in the southern European countries. properly, for the sake of Investbank and funded Azerbaijan project.

Now the bank, in accordance with the directives of the European institutions, from 2022 It has completely cease to support projects of the gas industry. except, that will receive EU approval before the end of 2021 of the year. It is brought under this kind of theoretical even base, breakwater, in the coming 30 s energy consumption from renewable sources will increase by 150%, and it seriously hydrocarbons to press for the benefit of the general ecology.

Independent experts are more reserved in the estimates. they believe, the motivation of Europeans, devoid of serious power resources, It is, make the most of its industry for the production of wind and solar plant equipment and thus ensure economic growth. However, the extensive development of the industry has its limits. for example, Benelux countries in the field to install wind farms have already been exhausted, even in coastal waters.

Meanwhile, the world economy is consuming more and more energy. Because multinational companies continue to actively invest in traditional energy. In the past year, according to the International Energy Agency (IEA), such investments are accounted for $2 trillion. The agency emphasizes, that "investments in renewable power generation decreased, and oil, gas and coal industries - rose ".

It turns out, Europe today is like the foreman, which is out of step. After all, gas consumption in the Old World will continue to grow. This marks the IEA in its annual report, World Energy Outlook, published last week. There, by the way, identified and prospects for Russian gas exports. According to forecasts Agency, "Russia to 2030 It will increase gas exports 26% with the level 2018 of the year, to 290 billion cubic meters, and to 2040 year - another 16%, to 336 billion cubic meters ", and will remain the world's largest gas exporter.

As for the reduction of institutional investment in the industry, they are easy to replace the more expensive commercial loans, which will bring a rise in the cost of gas for consumers. They are environmental initiatives of European politicians will go, what is called, sideways.

But while Europe is busy fighting with gas project. A few days ago the media expounded a blatantly appeal to the European Union (refuse to finance the construction of the Israeli gas pipeline to Europe) research fellow of the Berlin Foundation for Science and Politics (BATCH) Stefan Wolfrum.

About this project have written. It is also positioned as a competitor to the southern gas pipeline "Gazprom". Now here's a new wind blew over Europe and, although the reasons Wolfrum (definitely approved by the Fund Manager) more to do with geopolitics, than with the environment, the fact remains: abandon the expansion of energy supply in the EU has become de rigueur.

However, IEA report shows, that the new political fashion trend is not so hampers the growth of gas consumption in the continent. And it is unlikely Europe abandon it during the life of the current generation, and not only…

Changing of the guard in Europe. Политика и экономика ЕС "зеленеют"

Gennady Granovsky

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