EU members agree on revision of target for 2030 GHG emissions cut to 55%

European Union (EU) leaders last week agreed to increase the block’s target for greenhouse gas emissions reduction from 40% to at least 55% by 2030 compared to 1990 levels.

Efforts related to pursuing the target will be supported by at least 30% of the total amount of expenditure from the Multiannual Financial Framework (MFF) and the Next Generation EU (NGEU) fund.

The European Council also invited the European Commission (EC) to prepare a legislative proposal for an EU green bond standard by June 2021 at the latest, and to assess how all economic sectors can best contribute to the 2030 environmental target and to make the necessary proposals.

In particular, the EC is tasked with looking for ways to beef up the EU emissions trading system (ETS), proposing measures for energy-intensive industries to adopt innovative climate-neutral technologies without losing competitiveness, and coming up with a carbon border adjustment mechanism. It will also need to address concerns related to the distribution of efforts, fairness and cost-effectiveness, forestry and land use and rising emissions and decreasing sinks from the particular sectors arising from the adverse effects of climate change.

The new target is yet to be approved by the European Parliament.

“EU leaders may pat themselves on the back for finally agreeing a new climate target, but this is still a far cry from the victory the climate needs. Our leaders must go further to deliver Europe’s fair share of global action to cut carbon and live up to the agreement they made in Paris five years ago. Meanwhile if this new target is to be meaningful, planned new EU infrastructure spending must cut out all fossil fuels now,” commented Colin Roche, climate justice coordinator for Friends of the Earth Europe.

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