In breaking news, the European Commission has announced that it plans to raise its climate action ambition, with the ultimate goal remaining; for Europe to become the first carbon neutral continent in the world by 2050. The new target is based on a comprehensive Impact Assessment of the social, economic and environmental impacts. The Assessment demonstrates that this course of action is realistic and feasible.
“The strengthened EU climate target for 2030 is a major step to the ultimate goal to become the first carbon neutral continent – and timing is ambitious: by June 2021 we expect to see the first steps of related legislation, such as revising and expanding the EU Emissions Trading System, reinforcing energy efficiency and renewable energy policies or strengthening CO2 standards for road vehicles. Now it’s the best time for companies to challenge their own climate targets and review their strategy considering the legal enforcement, but also economic opportunities we see evolving with the accompanying € 750 bn Recovery Fund – there is a chance to gain a significant competitive advantage with climate action, and we see this window in time is open now.
From the official press release:
The Commission has:
- Tabled an amendment to the proposed European Climate Law, to include the 2030 emissions reduction target of at least 55% as a stepping stone to the 2050 climate neutrality goal;
- Invited the Parliament and Council to confirm this 55% target as the EU's new Nationally Determined Contribution (NDC) under the Paris Agreement, and to submit this to the UNFCCC by the end of this year;
- Set out the legislative proposals to be presented by June 2021 to implement the new target, including: revising and expanding the EU Emissions Trading System; adapting the Effort Sharing Regulation and the framework for land use emissions; reinforcing energy efficiency and renewable energy policies; and strengthening CO2 standards for road vehicles.
To learn more about the increased climate action ambition in this recent announcement, visit the official press release.
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