EUROPE 2020 STRATEGY - THE FIRST STEP IN THE IMPLEMENTATION OF THE 2030 ENERGY AND CLIMATE POLICY

The paper aims to examine the assumptions of the European Commission regarding greenhouse gas emission within the objectives of 2030 climate and energy policy. European Commission assumes that by 2030 greenhouse gas emission will have been decreased by 40% in relation to 1990. This target is to be achieved through reduction of energy consumption in economies of EU states and increase in the share of energy from renewable resources in total gross energy consumption. The objective of the European Commission is analysed through estimated econometric model. Due to collinearity of explanatory variables, the method of ordinary least squares is applied for estimation of model parameters. Applying the estimated model, forecasts of greenhouse gas emission are calculated for 2030 and then they are confronted with the target assumed by the European Commission.