Before the climate summit, EU policymakers agreed to cut greenhouse gas emissions by 55% from 1990 levels in 2030.
European Union lawmakers reached an agreement late at night to make the bloc’s ambitious climate goals legally binding, paving the way for a host of rules and standards. new to overhaul the entire economy.
One day before the world leaders climate summit chaired by US President Joe Biden, representatives of the EU governments and the European Parliament agreed in principle on the so-called Gas Law. Post-Europe, a 55% reduction in net greenhouse gas emissions is expected by 2030, compared with 1990 levels and zero net emissions by 2050. At the end of Wednesday, the European Commission will see publish criteria to classify green investments.
The EU treaty, judged in the context of strong support for the Green party in Germany, sets the stage for tougher rules that will affect industries from transportation to energy production. It helped bolster Europe’s climate goals to become one of the most ambitious in the world after the UK announced tougher emissions targets on Tuesday.
An EU legislative package will be announced in June that will strengthen the carbon pricing mechanism, promote energy efficiency, increase renewable energy production, promote sustainable transport and restrict imports of deforestation products, Mr. Frans Timmermans told US lawmakers on Tuesday.
“This package is arguably the most comprehensive legislative framework in the world addressing climate issues,” Timmermans said during House Foreign Affairs Committee hearing. “We need to bring together all possible forces in the fight against climate change, abroad and at home.”
Meanwhile, the so-called classification system, which will be announced by the EU’s governing body on Wednesday, will introduce a labeling system for green investment that could transfer hundreds of billions of funds in funds to industries and the public. specific company.
The EU also wants to raise up to 250 billion euros ($ 301 billion) from its first green bond to finance the huge stimulus package, and private capital is likely to follow industries already approval. The commission will begin to sell debt, jointly supported by 27 EU member states, later this year, to raise funds for green investment.
Key elements of the EU June legislative package include:
- Strengthening and expanding EU carbon markets and setting more ambitious national targets in areas not covered by the emissions trade and limitation
- European forest restoration
- Increase your renewable energy and energy efficiency goals
- Higher CO2 standards for cars
- Further deployment of alternative fuel infrastructure
- Tax higher on most polluting fuels
- Official program for hydrogen certification
- Measure of imposing carbon prices on certain imported goods or Carbon Border Adjustment Mechanism
- Restrict imports of deforestation or forest degradation products around the world