European Union sets ambitious 2040 climate goal of a 90% reduction in greenhouse gas emissions
The European Commission has taken a significant step towards combating climate change by proposing a 2040 EU climate target of a 90% reduction in net greenhouse gas emissions compared to 1990 levels. This ambitious goal, aimed at achieving carbon neutrality by 2050, is part of the European Climate Law - policy page update.
To reach this target, the Commission has proposed various measures and flexibilities. These include a limited role for high-quality international credits starting from 2036, the use of domestic permanent removals in the EU Emissions Trading System (EU ETS), and greater flexibilities across sectors. The Commission has also considered 'flexibilities' in designing future legislative instruments to achieve the 2040 climate target.
The Commission's proposal is based on an in-depth impact assessment and advice from the Intergovernmental Panel on Climate Change and the European Scientific Advisory Board on Climate Change. To support the clean energy transition, the Commission has adopted the Clean Industrial Deal State Aid Framework, which further supports investment in this area.
In addition, the EU executive has issued a Recommendation on Tax Incentives to encourage investments in clean technologies and industrial decarbonisation. The Recommendation includes measures like accelerated depreciation and tax credits.
The Commission has also published a Communication on delivering the first proposals on the Clean Industrial Deal. This communication outlines the Commission's plans to accelerate and strengthen the right enabling conditions to support the 90% target, including a competitive European industry, a fair transition, and a level playing field with EU's international partners.
To address difficulties in land use, Spain, Portugal, Italy, and Greece have the possibility to use enhanced emission reductions in the waste and transport sectors as composing climate sinks within the EU Emissions Trading System.
The simplification of the Carbon Border Adjustment Mechanism (CBAM) has been agreed, exempting 90% of importers. The Commission has also outlined the results of its analysis on how to provide a solution to the export carbon leakage.
The Commission has published a Staff working document related to the 2040 EU climate target proposal and a Factsheet to provide further information. The Commission's proposal setting a 2040 climate target will be submitted to the European Parliament and the Council for discussion and adoption under the ordinary legislative procedure.
According to EU Climate Commissioner Wopke Hoekstra, the plan gives industry and Member States a clear direction and supports their investment plans. The proposed measures are expected to play a crucial role in the EU's efforts to combat climate change and achieve its ambitious climate targets.
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