UPDATED. On October 6, the European Parliament voted to increase the EU’s climate target for 2030, supporting a 60% reduction in greenhouse gas emissions by the end of the decade, up from 40% currently. It is impressive that the adopted target is higher than one earlier proposed by the European Commission (55%)!
EU-wide net greenhouse gas (GHG) emissions reduction target of at least 55% by 2030, compared to 1990 levels was proposed by EC on September 17. Achieving of this level of ambition for the next decade will put the EU on a balanced pathway to reaching climate neutrality by 2050 but will require action in all sectors of the economy (see diagram below).
A comprehensive Impact Assessment of the social, economic, and environmental impacts demonstrates that this course of action is realistic and feasible.
CO2 emissions from the burning of fossil fuels are the largest source of greenhouse gas emissions in the EU, and together with fugitive non-CO2 emissions in the energy system, they are responsible for over 75% of EU greenhouse gas emissions.
The 55% GHG reduction target will require the annual investment in the energy system to be around EUR 350 billion higher in the coming decade (2021-2030) than in the previous decade (2011-2020).
The EU plans spending EUR 1.8 trillion to help reboot the economy following the damage inflicted by the coronavirus pandemic, and a minimum of 30% will be spent in support of climate objectives.
