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Investing in our
A European budget
for climate security
Russell Marsh
Head of Policy – Green Alliance
Climate change: how much is stake?
• EU role in rising prosperity and security
• Climate change threatens both
– Profound economic, social, security, and
development implications
– no region immune from economic impacts
– will exacerbate inequalities within Europe
Where is Europe on climate change?
• Key progressive player globally
• Growing urgency among EU leaders in 2005-07
• EU 2007 Spring Council (20, 20, 20)
• Poor record in cutting actual EU emissions
• No integration yet of either internal or external policy
• A step change in delivery required
Does the EU budget matter?
• Stern principles for global policy framework:
– carbon pricing;
– technology;
– and behaviour change.
• Spending an element within all three.
• Early public investment critical to an effective
transition to a low carbon economy
• EU action can deliver where national action cannot.
3 principles for future EU climate
• Focus limited funds where they make the
greatest impact.
• Address the global and regional inequalities
of climate change.
• Set the standard for global action.
To deliver within and beyond Europe.
Impact of current EU budget
• Cohesion and structural funds.
• Common Agricultural Policy.
• Research and development.
• Contributes to increased EU emissions, and
locks in EU countries to carbon intensive
patterns of transport and economic activity.
Five priorities for EU spending (1)
• A new dedicated low-carbon fund for
energy and transport infrastructure
development, with climate proofing of
all EU cohesion spending.
• Finance first phase of carbon capture
and storage plants.
Five priorities for EU spending (2)
• Increase R&D funding to bring breakthrough
technologies to market.
• Support development of low-carbon
infrastructure in emerging economies
through a sovereign investment fund.
• Meets 50% of EU’s fair share of the cost of
adaptation for the poorest countries.
How should this be funded?
• Reform of current budget (CAP & cohesion funds).
• Use of revenues from auctioning of power sector
allowances in the third phase of the ETS post 2012.
It’s a political choice.
• “Invest to save”.
• Early reform will pay greatest dividends.
• Can we afford to wait until 2013?
• Public support: economic, social,
environmental and political benefits of a
budget focused on climate change.