The EU is set to emit 2bn tonnes more CO2 than it promised at the Paris climate talks, threatening an agreement to cap global warming at 2C, a note from the European commission has revealed.
Carbon prices will rise too slowly to cut industrial emissions as much as needed, says a confidential note prepared for MEPs on the environment committee, which the Guardian has seen.
Lawmakers say that the shortfall could spur criticism from other countries that signed up to the Paris agreement, which aims for net zero emissions later this century.
But a correction in the pace at which carbon allowances are removed from the market – to raise their prices – could spark anger from coal-dependent EU countries such as Poland, which believes its industry would be unfairly hit.
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