Gerard Reid Profile picture
Dec 18 8 tweets 7 min read
Earlier today, #EU agreed on a badly needed reform of the EU Emissions Trading System (#EUETS) which is the system of cap-and-trade of #carbonemissions allowances for #energyintensive industries and the #powergeneration sector. The most critical points are:
1. Agreement to make it compulsory for #EU members to dedicate all their auctioning revenues to #climateaction #investments
2. Sectors covered by the Carbon Border Adjustment Mechanism (recently agreed #EU #carbon import tax) such as #cement, #aluminium, #fertilisers, #electricty production, #hydrogen, #iron and #steel, will see an end to free #allowances for these sectors between 2026 and 2034
3. Agreed to include #maritime #shipping #emissions within the scope of the EU ETS starting in 2024
4. Decided to create a new, separate #emissions #trading system for the #buildings and #roadtransport sectors starting in 2027
5. An extra EUR55bn for the #ModernisationFund for lower incomes #EU members was agreed
6. Decided to establish a #Social #Climate #Fund to support vulnerable households, micro-enterprises and transport starting in 2026
7. Agreed to put in place a mechanism to prevent excessive price fluctuations of the #carbonprice

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More from @gerardreid14

Dec 11
Picture of the Week: Speed of change around #energytransition is accelerating. Last year the @IEA projected that #renewableenergy installations would be 1800GW over the next five years. Now they are saying that it will be 2,400GW which is the installed capacity of #China.
Why is the #energytransition accelerating:
1. Geopolitics - #Ukrainian crisis has forced #Europe to accelerate #decarbonization. It has also been a wake up call for #China who is a huge #energy importer.
Why is the #energytransition accelerating:
2. Opportunity - #EVs, #batteries, #heatpumps and #Solar are multi-billion dollar markets growing at circa 40% per annum and are attracting the best entrepreneurs and businesses across the world
Read 7 tweets
Nov 29
There is a lot of talk about bringing back #solar production to #Europe and the #US. What is needed is an @Airbus type response with cross-border and industry co-operation a must otherwise all attempts will be a failure. Let me explain why?
1. It is the size of the #solar industry and the capital ($50bn) and resources needed to scale and be competitive. This year the #solar market will be around 300GW, up from 180GW last year. The #solar industry will use as much glass in the next 12 months as #Europe produces.
2. The scale of the Fab4: LONGi Solar, JA Solar, Jinko Solar Co., Ltd. and Trina Solar basically control the world market for #solar modules. By the of this year, the four of them will have production capabilities of circa 275GW with the plans to add 140GW next year.
Read 5 tweets
Nov 27
There is a lot of #china bashers out there particularly with regards #energy. The bottom line though is that #China is not only the biggest producers of #solarpanels, #inverters #windturbines and #batteries in the world but also the biggest market for all these products.
This year #china will install circa 100GW of #solarpanels. If you add the 50GW from last year the country has installed over the last 18 months more than the total installed base of the #Unitedstates.
#china will install over 50GW of #wind in 2022 which is more than 50% of all global wind turbines installed this year.
Read 5 tweets
Nov 14
Research Report of the Week: The #Revolution in #Semiconductors and what it means the #Power sector and the #energytransition…
I am firmly convinced that we are in the middle of a revolution in the #energy world. One of the crucial points is around #digitalisation which enables #energyefficiency but at that same time depends on #electricity.
This spiral of digitalisation leading to electrification is one of the primary reasons why we are electrifying our energy systems. I can do without coal but I cannot do anything in this modern #digital world without electricity.
Read 4 tweets
Oct 30
I have never been as positive about our #energy #future as I am these days. Not alone do we have the #technologies and the knowhow to #decarbonise but we have massive retooling taking place in #China and the #US around key future energy technologies
Such as #solar, #wind, #batteries, #digitalisation, nextgeneration #nuclear, as well as significant technology breakthroughs in #geothermal, #heatpumps #tidalenergy, #hydrogen
What we do need to change is the negativity around #climatechange. It was thus great to read this article from @greendig criticising the god father of #energyhistory Vaclav Smil…
Read 4 tweets
Sep 10
With #European energy prices at extreme levels, there are huge risks that could destabilise the whole social, economic, and political fabric of #Europe. 6 Things we need do:
1. Help Customers Save Energy
We need to help change customer behaviour and run pan #European marketing campaigns to explain the #energy challenge. I call this a “Save Energy to Save Europe,” campaign.
#Financial incentives should be introduced to encourage energy efficiency noting that small incremental changes in demand could quickly bring prices down for everyone.
Read 17 tweets

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