Are Europe’s Green Energy Rules Driving Businesses Away?
European Union (EU) laws targeted at energy security and pollution reduction may have cost the UK as much as $155.6 billion, according to Bloomberg.com. As a result of the laws, Business for Britain said in a recent report, companies are seeking out nations with lower energy prices. Business for Britain has launched a national drive to renegotiate the terms of Britain’s membership in the EU.
European energy prices are among the highest in the developed world, the Bloomberg article said. Some European industrial consumers pay about 20 percent more for electricity than companies in China, about 65 percent more than India and twice as much as in the United States and Russia, Business for Britain reports.
The European Commission recently proposed an energy and climate strategy for EU nations under which the nations would adopt goals to increase energy savings by 30 percent by 2030, reduce greenhouse gases by 40 percent and increase the amount of renewable energy consumption to 27 percent.
The UK aims to get 20 percent of its energy from renewables by 2020.
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