“…The shift in political mood is clearest in Germany. Europe’s biggest polluter is watering down laws to phase out gas boilers, which the previous government brought in after the Russian invasion of Ukraine, and last week its economy minister told an audience of oil and gas executives that the EU should relax its net zero target. Meanwhile, the prospect of joining the rest of the democratic world by implementing a blanket speed limit on its motorways is still a political taboo. Pleas from the International Energy Agency to survive the oil price shock with more radical measures – avoiding flights, driving slower, working from home – have been roundly ignored.
Perhaps the greatest threat to the green transition is the attacks on the EU’s flagship emissions trading system, which puts a price on carbon pollution. Several EU member states and the powerful chemical lobby set it in their crosshairs well before the war broke out. On Wednesday, EU officials announced plans to weaken its carbon price by ending the automatic cancellation of extra permits in a buffer pool. The move fell short of the more radical overhaul demanded by some member states, but alarmed green groups who fear it will lead to “significantly higher” emissions after 2030…”