Tighter EU Emissions To Take a Toll on Heavy Industry

The European Commission is set to set to release the new rules on Emissions Trading System (ETS) – part of a post-2012 climate change policy package – next week and have preempted the publication with acknowledgment that the plan will hit the competitiveness of heavy industries.

An article in the EU Observer noted that new changes in greenhouse gas emissions rules will most affect Europe’s aluminum makers. Other industries such as chemical, steel and cement would also be impacted causing a need to raise prices between 5 and 48 percent. The changes would give the US and China a competitive edge in the global market.

The EU Observer article stated that:

It is estimated that Europe’s gross domestic product would fall by 0.1 percent as a result of the proposed changes but the jobs lost in the affected industries would be offset by new opportunities in a low-carbon economy.

What do you think about the EU’s plans?

More at: Tighter Emissions plans to harm EU’s heavy industry

Via EU Observer