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France quadruples carbon price, will move towards renewable energy

France Passes New Energy Law Quadruples Carbon Price, Bloomberg by  23 July 15, French lawmakers adopted a long-delayed energy law that will reduce the country’s reliance on nuclear reactors and raise carbon prices almost fourfold.

Lawmakers late Wednesday passed legislation that included a last-minute amendment initially rejected by the government to increase the target price of carbon to 56 euros ($61.48) a ton in 2020 and 100 euros a ton in 2030, according to the National Assemblywebsite. The rate, now 14.50 euros a ton, climbs to 22 euros a ton in 2016 and is integrated in a levy on fossil fuels.

The rise provides “visibility” to the business community on how carbon prices will evolve, Environment Minister Segolene Royal said. Higher taxes on fossil fuels will be offset by lower levies on other products, she also said.

 The new energy transition law, passed by a show of hands with no count to be published, reflects a campaign pledge three years ago by President Francois Hollande to cut France’s nuclear-energy reliance in favor of renewables………http://www.bloomberg.com/news/articles/2015-07-23/france-passes-new-energy-law-quadruples-carbon-price

July 25, 2015 - Posted by | France, politics

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