The risk that the European Union alone faces higher energy prices in a transition away from fossil fuels is lowering as nations including China and India embrace environmental action under the 2015 Paris climate deal. Populations across the world are insisting on a cleaner environment and less polluting energy, but they also want their economies to be buoyant and on a level playing field, said Megan Richards, director of energy policy at the European Commission. Energy prices have strengthened across Europe and gas in the region now costs about triple that in the U.S. Prices for carbon allowances, not used in most of the rest of the world, have jumped fourfold in the past year alone. The global nature of Paris should help shield the region’s economy, Richards said. With the exception of the U.S., nations are trying to meet their targets under that United Nations agreement.  Bloomberg

Other contents