Report outlines daunting task of CO2 targets. Insulation more effective than new power stations
The EU's new climate change goals will cost up to €1.1 trillion (£747bn) to implement over the next 14 years, according to a new study.
The most comprehensive investigation on managing the economics of climate change paints a daunting picture of the EU's plan to decrease greenhouse gases by at least 20% by 2020.
But the study by the consulting firm McKinsey published in a German newspaper yesterday, argues it is both economically and technically possible to reduce emissions on schedule, but that the political effort necessary will be immense.
"On the basis of a balanced, sensible application of the most easily accessible technology, we're calculating that the EU states will face annual costs of between €60bn to €80bn up until 2020," said Thomas Vahlenkamp, a McKinsey energy expert.
By Kate Connolly
Full Article is here:
http://environment.guardian.co.uk/climatechange/story/0,,2044192,00.html
