搜索
OECDEconomicSurveys:EuropeanUnion©OECD200989Chapter4Energypolicyandthetransitiontoalow-carboneconomyEuropeanenergypolicyfacesanumberofinterrelatedchallenges,includingmakingthetransitiontoalow-carboneconomy,increasingcross-bordercompetitioninelectricityandgasmarketsanddiversifyingEurope’senergysupply.TheEUhasdevelopedacomprehensivestrategyinalloftheseareas,encapsulatedin2020targetsforreducinggreenhousegasemissions,raisingrenewableenergyandincreasingenergyefficiency.ThesetargetsareunderpinnedbyanEmissionsTradingScheme,legallybindingreductioncommitmentsbymemberstatesfortheemissionsnotcoveredbythetradingscheme,thethirdenergyliberalisationpackageandtheEnergySecurityandSolidarityPlan.TheEUshouldbeapplaudedforthesignificantstepsithastaken;theEU’senvironmentalactionsandtargetsareveryambitiousandwillincreasethelikelihoodofaglobalclimateagreementlaterin2009.Butthereisalsoroomforimprovement.Toensurethatthetransitiontoalow-carboneconomyisachievedatalowcost,theEUshouldseriouslyconsiderincludingalltransportsectorsintheEmissionsTradingSchemewhenpracticalandappropriate,andensurethatonlysectorsrigorouslyidentifiedasbeingatgenuineriskofcarbonleakageshouldcontinuetoreceivefreeallowancesuntil2020.ConsiderationshouldbegiventomakinguseofanEU-widemarketinstrumenttodelivertheEU’srenewableenergytarget,anditwillbeimportanttoensurethatthe10%renewabletransportfueltargetefficientlyachievesitsobjectivesofsustainabilityandsecurityofsupplygiventhehighcostofmanyrenewabletransportfuels.Measurestoraiseenergyefficiencywillhavetobedesignedcarefullysothattheoverallcostofmitigationisnotraised.TheCommission’sthirdenergymarketliberalisationpackageshouldbestrengthenedbyrequiringfullownershipunbundlingoftransmissionserviceoperatorsandensuringthepowersoftheproposedAgencyforCo-operationofEnergyRegulatorsarebroadenoughtocontributeeffectivelytoatrulysingleEuropeanenergymarket.4.ENERGYPOLICYANDTHETRANSITIONTOALOW-CARBONECONOMYOECDECONOMICSURVEYS:EUROPEANUNION©OECD200990Europeanenergypolicymakersfaceanumberofcomplexchallenges,aswellassignificantopportunities.Europemustmakethetransitiontoalow-carboneconomyaspartofaco-ordinatedglobalapproachtomitigatinggreenhousegasemissionsandavoidingirreversibledamageofclimatechange.Cross-bordercompetitioninelectricityandgasmarketsmustincreasemarkedlysothatthegoalofasingleEuropeanenergymarketisfinallyrealised.EnergysecuritymustbestrengthenedsothatEuropeislessvulnerabletosupplydisruptionsthatoriginateinothercountries.Thesechallengesareofcourseinterrelated.ReducingEuropeangreenhousegasemissionswillbemorecostlyifsegmentationinenergymarketsdullsthepricesignalsfromemissionstrading.Andwithoutmorecompetitioninenergymarkets,necessaryinvestmentsincross-bordertransmissionnetworkswillbedelayed,therebyinhibitingEuropeanenergysecurity.Perhapsthemostsignificantofthesechallengesisclimatechange.Climatechangerepresentsaglobalmarketfailure.Thesocialcostofconsumingandproducinggreenhousegas-intensivegoodsandservicesandtheatmosphericconcentrationofgreenhousegasesishigherthantheprivatecost(Box4.1).Tomeettheenergyandclimatechallenges,theEuropeanCommissionwillneedtoworkcloselywithmemberstatesaswellascountriesoutsidetheUnion,andmakeuseofacomprehensivesetofinstrumentsthataddressallthemarketfailuresthatplagueenergyandclimatechangepolicy.Inadditiontoaddressingthewedgebetweenthesocialandprivatecostofgreenhousegasemissions,policywillalsohavetoovercomeothermarketfailures,includingcapitalmarketimperfections,externalitiesinR&D,lackofsufficientinformation,monitoringandenforcementcosts,themarketpowerofincumbentfirmsandtheincentivesforfree-riding.Recognisingthis,theEUhasdevelopedacomprehensiveenergyandclimatepolicystrategy.Tocontributetoclimatechangemitigation,theEUhassetatargetforreducingitsgreenhousegasemissionsby20%below1990levelsby2020andincreasingtheshareofrenewablesourcesingrossfinalenergyconsumptionto20%by2020.Tointernalisethesocialcostofgreenhousegasemissionsandsendalong-termpricesignalinfavourofinvestmentinlow-emissiontechnologies,theEUhasintroducedanEmissionsTradingScheme(ETS).Toimprovetheefficiencywithwhichhouseholdsandfirmsuseenergy,theEUhassetanindicativetargetforreducingenergyconsumptionby20%by2020andupgradingefficiencystandardsapplyingtonewbuildings,passengercarsandappliances.Athirdliberalisationpackagehasbeenagreedtoincreasecompetitioninelectricityandgasmarkets,raisetheeffectivenessofpricesignalsfromtheETSandstimulateinvestmentingridsthatcanabsorbnewrenewableenergycapacity.However,itisessentialthattheinstrumentstoreachthesetargetsareasefficientaspossible,correctonlygenuinemarketfailuresandareflexibleenoughtocopewithfuturescientific,economicandtechnologicalchanges.Intheshortandmediumterm,policiestomitigateclimatechangewillslowpotentialGDPgrowthasthehighercostofcarbon-intensivegoodsandservicesreducestheproductivityoftheexistingcapitalstock,andlowercosttechnologiesaresubstitutedforhighercosttechnologies.Tominimisetheimpactongrowth,theEUshouldavoidpoliciesthatunnecessarilyraisethecostofcarbon4.ENERGYPOLICYANDTHETRANSITIONTOALOW-CARBONECONOMYOECD