EU green targets ‘too expensive,’ OECD energy official warns

The head of a global energy agency warned Wednesday that ambitious European Union targets to cut greenhouse gas emissions would require cheaper green energy alternatives to avoid a heavy financial cost.

Last week, EU nations announced plans to cut emissions to 20 percent below 1990 levels by 2020 — a target which must be approved at an EU summit next month.

But Claude Mandil, head of the 26-member International Energy Agency, said the aim could be very costly unless environmentally friendly energy production costs become significantly reduced.
“The real challenge is an economic one. Most existing renewables are far too expensive and rely on (subsidies),” Mandil said in an interview.

“Governments feel compelled to have very ambitious targets, which can only be fulfilled at enormous cost,” he said.

“We think the top priority is to bring costs down.”

Mainichi Daily News