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EU emissions down 23%, passing targets for 2020

The European Union says its emissions fell 4% last year, meaning the 28-nation bloc has already surpassed its target for 2020. A report by the EU’s environment agency said 2014 emissions were 23% lower than in 1990. The EU is the world’s third largest greenhouse gas polluter.

Markets

Oil Search boosts production target on record output

Oil Search has increased its production targets after achieving a record quarterly output in the second quarter of the year. The company said it now expects its production to be between 27 and 29mmboe (million barrels of oil equivalent). A previous estimate by the Papua New Guinea focused oil and gas producer had been between 26 and 28mmboe.

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Emission charge calls to help meet climate change target

The Scottish Government should consider introducing congestion charging to help meet its climate change targets, according to a report. The paper prepared by the independent Committee on Climate Change (CCC) said stronger policies are needed in areas such as transport, renewable heat, agriculture and forestry if targets are to be met in future. It warned that plans to cut air passenger duty by 50% when it is devolved to Holyrood could lead to increased carbon emissions and called for a re-evaluation of speed limits.