A penalty mechanism for member states that fail to meet greenhouse gas emissions commitments should form a crucial element in a new EU climate and energy pact, the European Green group has proposed.
Countries exceeding targets would have to pay into a reserve fund and would lose rights to EU funding. The idea bears similarities to the EU’s existing "stability and growth pact", which limits national budget deficits to 3%.
Energy efficiency and renewables should be placed at the heart of the pact, the Greens say. There should be a binding minimum target of 20-25% for energy efficiency improvements by 2020 as well as binding sector targets for renewables.
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