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EU leaders agreed last week to reduce greenhouse gas emissions targets by 40 percent to at least 55 percent
by 2030 from previous 1990 levels.
It also means that efforts related to achieving this target will be supported
by at least 30% spending from MFF and Next Generation European Union (NGEU) funding.
The EU Council also invited the European Commission (EC) to develop legislative proposals on EU green bond standards by June 2021 at the latest, and to assess how all economic sectors can better contribute to the 2030 environmental goals and make the necessary proposals
.
In particular, the EC is tasked with finding ways to strengthen the EU Emissions Trading System (ETS), proposing measures for energy-intensive sectors to adopt innovative climate-neutral technologies without losing competitiveness, and proposing carbon boundary adjustment mechanisms
.
It also needs to address concerns
related to job distribution, equity and cost-effectiveness, forestry and land use, and increased emissions, as well as adverse impacts due to climate change.
However, the new targets have not yet been approved
by the European Parliament.
"EU leaders may finally reach new climate targets, but this is far
from the victory needed for the climate.
Our leaders must do more to give Europe an important role in global action to reduce carbon emissions and to deliver on the agreement
reached in Paris five years ago.
At the same time, for this new target to make more meaningful, the planned new EU infrastructure spending must immediately cut all fossil fuels", commented
Colin Roche, Climate Justice Coordinator of Friends of the Earth Europe.
EU leaders agreed last week to reduce greenhouse gas emissions targets by 40 percent to at least 55 percent
by 2030 from previous 1990 levels.
It also means that efforts related to achieving this target will be supported
by at least 30% spending from MFF and Next Generation European Union (NGEU) funding.
The EU Council also invited the European Commission (EC) to develop legislative proposals on EU green bond standards by June 2021 at the latest, and to assess how all economic sectors can better contribute to the 2030 environmental goals and make the necessary proposals
.
In particular, the EC is tasked with finding ways to strengthen the EU Emissions Trading System (ETS), proposing measures for energy-intensive sectors to adopt innovative climate-neutral technologies without losing competitiveness, and proposing carbon boundary adjustment mechanisms
.
It also needs to address concerns
related to job distribution, equity and cost-effectiveness, forestry and land use, and increased emissions, as well as adverse impacts due to climate change.
However, the new targets have not yet been approved
by the European Parliament.
"EU leaders may finally reach new climate targets, but this is far
from the victory needed for the climate.
Our leaders must do more to give Europe an important role in global action to reduce carbon emissions and to deliver on the agreement
reached in Paris five years ago.
At the same time, for this new target to make more meaningful, the planned new EU infrastructure spending must immediately cut all fossil fuels", commented
Colin Roche, Climate Justice Coordinator of Friends of the Earth Europe.
