Israel to slash emissions by 26%

Israel has announced plans to cut greenhouse gas emissions by 26 per cent after a cabinet meeting on Sunday.

The cabinet unanimously approved a programme to reduce emissions and improve energy efficiency and the plan is expected to result in savings of 30 billion shekels ($8 billion).

The finance, energy, environment and economy ministries released a statement outlining the plan and the benefits it will create.

Finance Minister Moshe Kahlon said: "We intend to continue to invest in resources as needed to further reduce air pollution and greenhouse gas emissions."

As part of the new programme, Israel will grant 500 million shekels ($132 million) in guarantees for loans to improve energy efficiency and 300 million shekels ($79 million) in grants for projects that will increase energy efficiency in industry, the private sector and urban areas.

Israel has pledged to cut per capita greenhouse gas emissions to 7.7 tCO2e (tonnes of carbon dioxide equivalent) by 2030; a reduction of 26 per cent compared to 2005 levels.

Ministers said they will explore ways to reduce coal use and encourage the adoption of natural gas in a bid to cut air pollution.