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The European Union is committed to a 55% reduction in greenhouse gas emissions by 2030, as outlined in the Green Deal and Climate Law initiatives. In response to geopolitical events, the RePowerEU initiative aims to enhance energy self-sufficiency, reduce reliance on Russian natural gas, and promote hydrogen utilization. Hydrogen valleys, localized ecosystems integrating various hydrogen supply chain elements, play a key role in this transition, particularly benefiting isolated regions like islands. This manuscript focuses on optimizing a Centralized Green Hydrogen Production Facility (CGHPF) on the island of Crete. A mixed-integer linear programming framework is proposed to optimize the CGHPF, considering factors such as land area, wind and solar potential, costs, and efficiency. Additionally, an in-depth sensitivity analysis is conducted to explore the impact of key factors on the economic feasibility of hydrogen investments. The findings suggest that hydrogen can be sold in Crete at prices as low as 3.5 EUR/kg. Specifically, it was found in the base scenario that, selling hydrogen at 3.5 EUR/kg, the net profit of the investment could be as high as EUR 6.19 million, while the capacity of the solar and wind installation supplying the grid hydrogen facility would be 23.51 MW and 52.97 MW, respectively. It is noted that the high profitability is justified by the extraordinary renewable potential of Crete. Finally, based on our study, a policy recommendation to allow a maximum of 20% direct penetration of renewable sources of green hydrogen facilities into the grid is suggested to encourage and accelerate green hydrogen expansion. [ABSTRACT FROM AUTHOR]

The European Green Deal aims to put the EU on track towards climate neutrality by 2050. One of the key elements is a more stringent greenhouse gas emission reduction target of 55% below 1990 levels by 2030. We analyse the socio-economic consequences of alternative policy pathways to reach that target, either relying more on regulatory standards, on carbon pricing, or a mix of both. We develop a modelling framework that captures macro-economic and sectoral impacts and closely aligns economic and energy system modelling. We further decompose aggregate labour market outcomes into skill and occupation types, and downscale representative household results to micro-level household data to evaluate the distributional effects across income groups with heterogeneous expenditure patterns. By combining models and datasets, our framework enables incorporating a high degree of technological detail while revealing socio-economic aspects of the transition that may go unnoticed in coarse, aggregate assessments. In particular, our results highlight the heterogeneous impacts of climate policy across sectors, worker skill types and income groups, which may require particular attention in climate policy design and corresponding complementary measures to ensure a fair transition to a low-carbon economy. • We assess different policy packages to achieve stricter EU 2030 climate targets. • A framework for climate policy assessment needs to be both broad and detailed. • We develop such a framework by linking energy models with economic models and data. • We downscale aggregate results for labour markets and household consumption. • Results illustrate model uncertainty and policy design potential to alter outcomes. [ABSTRACT FROM AUTHOR]

The article focuses on findings of the study titled "The EMF24 Study on U.S. Technology and Climate Policy Strategies," along with an introduction to the issue. Topics include aim of the study, which is understanding interactions between climate policy architectures and energy technology availabilities in the U.S.; comparison between models of the U.S. and European Union (EU); significance of United Nations Climate Change conference; and stabilization of greenhouse gas (GHG) concentrations.

The European Union (EU) Emission Trading System (ETS) has been a major tool of the EU climate policy. Despite its significance, the EU ETS faces serious challenges regarding its function. One of the major issues that encumber its contribution in EU climate policy is value added tax (VAT) carousel fraud within it. This paper examined the ways this type of swindle is conducted and its economic impact. It analyses the parameters that facilitate it and evaluates the responses of the EU and its Member States and mainly the introduction of the reverse charge mechanism. It finally highlights the need to implement some changes to the EU ETS, the VAT provisions, and the way the national tax authorities and the EU coordinate. Finally, it suggests the introduction of a real-time VAT collection mechanism that can be an effective and feasible solution to the problem in general. [ABSTRACT FROM AUTHOR]

Upon its adoption in the Directive revising the European Greenhouse Gas Emission Trading Scheme (Directive 2009/29), Article 10(a)8 was heavily criticized by a number of environmental organizations and legal scholars for disturbing the EU ETS' market mechanism. Article 10(a)8 provides for the possibility to co-finance the up to 12 planned European Carbon Capture and Storage (CCS) demonstration projects as well as innovative renewable energy demonstration projects through the EU ETS new entrants reserve. The criticism of Article 10(a)8 raises doubts as to the article's consistency with the EU ETS (and its overarching goals) as such and, in essence, questions the measure's proportionality. It is not unthinkable that the EU law principle of proportionality will in future be used to challenge the validity of Article 10a(8). This article argues that it is in that case unlikely that the Court of Justice of the European Union would declare Article 10a(8) to infringe the principle of proportionality. [ABSTRACT FROM AUTHOR]

The article discusses legislation being negotiated by the European Council to limit greenhouse gas emissions for the European Union. The policies being considered hope to combat global climate change. The article discusses previous legislation including the Greenhouse Gas Emissions Trading Scheme. The article details the efforts of European companies to mitigate their carbon emissions.