OREANDA-NEWS. October 31, 2014. The Heads of State and Government of the European Union (EU) states agreed on the EU climate and energy policy for 2020-2030. The agreement aims at achieving greenhouse gas emission reductions across the EU by 40% compared to 1990, increasing the efficiency of energy use, as well as greater use of renewable energy resources.

Similarly, the decisions were made that will significantly strengthen the energy security of Latvia and the EU.

"During negotiations Latvia has succeeded in including the conditions in the climate and energy package that will strengthen energy security of Latvia," says the Prime Minister. She also added that Latvia has managed to include in the decision the conditions for setting the target for emission reduction, which are favourable to Latvia.  "We agreed at the European Council that the national specifics of the countries will be taken into account. In case of Latvia, it is a share of transport and agriculture in the emissions' balance sheet. Given the limited potential for reducing emissions in agriculture, we will search for a specific solution", explained the Prime Minister.

The European Council agreement provides that the Member States will have access to funding for the implementation of emission reduction projects. In addition, Latvia achieved that this funding will be granted also to small-scale projects. Free emissions quotas will be granted also in the future to energy-intensive companies competing in the international market.

The European Council also agreed that in 2030 the share of renewable resources in gross energy consumption in the EU should be 27%. It is particularly important for Latvia that each Member State is free to choose its contribution to achieving this goal.

The European Council reached a common understanding of strengthening the EU's energy security and internal energy market. The Prime Minister also expressed satisfaction over the fact that the European Council has paid special attention to the problems of energy dependence of the Baltic States. The work on integration of the Baltic States in the European electricity grids and their synchronization with other EU Member States is set as a priority also after 2020. In addition, the agreement was reached to implement the most important infrastructure projects that will ensure diversification of gas supply routes and sources, while highlighting the development of gas infrastructure in the Baltic States and Finland.

The agreement on the long-term climate and energy policy of the EU will provide entrepreneurs with the necessary stability and predictability and encourage investment. In addition, the agreement clearly demonstrates the EU's leading role in limiting the effects of climate change and will encourage other countries to undertake similar commitments.