This morning in Frankfurt the share of Siemens Energy collapsed -10,55% due to the decision of the Spanish subsidiary Siemens Gamesa (-15,3% in Madrid) to reduce the guidance for the third quarter: in practice a profit warning from the giant of shovels attributed to the rapid rise in raw material costs and Siemens Gamesa 5.X platform costs, especially in Brazil.
In Paris and Milan, meanwhile, the automotive sector suffers Stellantis -1,30% e Renault which loses 1,76%. The pressure exerted by the EU proposal for a ban on internal combustion engine cars from 2035 weighs on the sector. Volkswagen -1,7%, which also has already announced the complete transition to the electric model pay a price. For the EU, the goal of achieving 50% of its turnover on electricity by 2030 seems too timid: five years later, in 2035, selling a petrol, diesel or methane car in Europe will be verboten.
This and much more is contained in the European "Green deal", the climate package launched this week by the Commission to deal with the climate emergency which is already causing fierce protests among producers and pressure from the individual governments of the 27 (Italy in primis). But the course seems marked, also because Europe, forced to pursue key sectors of the future, from biotech to digital, has given itself the mission of win the leadership of the green revolution, an objective that involves a radical rethinking of the development model. And so we change: from industries to vehicles, from heating to electricity. The polluter pays. Those who decarbonise are rewarded. Part of the revolution will be financed by taxes and levies. And the Ets - certificates that authorize pollution - now used only for industries, will be extended to cars, ships, planes and domestic heating. Anyone who wants to produce CO 2 emissions will have to buy them and those given free of charge will disappear.
The novelty, by the way, falls on the eve of China's move. Tomorrow, Friday, the Beijing authorities will disclose the details of what should become the most important trading platform for financial instruments linked to the permit to release combustion products into the air. In this way, China expects to stop the growth of the amount of C2030 released into the atmosphere by 02, the first step towards achieving the perfect neutrality of its anthropic system to carbon dioxide.
But let's go back to Europe. The new rules, which will now have to be the subject of a parliamentary confrontation which promises to be heated both in Strasbourg and in the local parliaments, promise to be truly revolutionary. In addition to the ETS (Emissions Trading System), includes the proposal to further lower the general cap on emissions and to phase out free emission allowances for the airplane transport. It's still:
- The Renewable Energy Directive requires 40% of Europe's energy to be produced from renewable sources by 2030.
- The public sector will be required to renovate 3% of its buildings each year in order to create jobs and reduce energy consumption and costs for taxpayers.
- For mobility, stricter CO2 emission standards are set for cars and vans requiring emissions from new cars to fall by 55% from 2030 and by 100% from 2035 compared to 2021 levels. all cars registered from 2035 will be zero-emissions.
- Another proposal concerns a new carbon border adjustment mechanism that will set a carbon price for imports of certain products.
In short, it is a set of complementary measures that aim to make the transition to a low carbon economy. The impact will be profound on the energy sector, on the transport sector and on the industrial sector in general.
The consequences? Italy has already experienced the effect of “new” Ets, extended to new categories: the price of carbon quickly rose from a few dollars to 50 dollars a ton with a 20% impact on electricity tariffs. It is currently impossible to quantify the cost of decarbonising the manufacturing sector and supplying companies with energy produced from renewable sources, therefore without emissions. But the Green Deal also provides for the definitive abolition of state subsidies to fossil fuels. A budget item that in Italy is worth 35,7 billion euros. Not to mention the cost of conversion of Eni which it will no longer be enough to focus on natural gas.
