The European Commission (EC) has proposed a much-awaited 2040 target, committing the European Union to reduce net greenhouse gas (GHG) emissions by 90 per cent by 2040, compared to 1990 levels.
Originally set to be introduced earlier this year, the target was delayed amid growing political pressure. It has since been revised to include new flexibilities designed to ease concerns and increase political support.
The new target includes flexibilities to soften the emissions cuts for domestic industries.
The commission’s 2040 EU climate target proposal has been submitted to the European parliament and the council for discussion and adoption under the ordinary legislative procedure.
The 2040 proposal builds on the 2030 climate target to reduce net GHG emissions by at least 55 per cent relative to 1990, and lays out a pathway towards a decarbonised European economy by 2050.
The target to cut emissions has been highly anticipated, however environmental groups have voiced their discontent at new flexibilities in the amendment such as foreign carbon credits, which researchers have often found are ineffective.
For the first time, the proposal introduces the possibility to use flexibilities in how the targets can be met. These new flexibilities include a possible limited role for high-quality international carbon credits in the second part of 2030-2040, the use of domestic permanent removals in the EU Emissions Trading System (EU ETS), and enhanced flexibilities across sectors. The commission says it will ensure that these flexibilities are reflected in designing the post-2030 sectoral legislation needed to achieve the 2040 climate target in a cost-effective way and ensuring a just and socially fair transition for all.
The commission says the 2040 climate target (an amendment to the European Climate Law) will reaffirm the EU’s determination to tackle climate change and will shape the path after 2030, to ensure the EU reaches climate neutrality by 2050.
The EC says the proposed 2040 climate target takes full account of the current economic, security and geopolitical landscape in alignment with the EU Competitiveness Compass, Clean Industrial Deal and Affordable Energy Action Plan.
According to the statement by the EC, reducing net emissions by 90 per cent by 2040 will:
- Put the EU on course towards climate neutrality by 2050, building a healthier and safer future for Europeans
- Ensure predictability for citizens, businesses and investors, by making sure that resources invested now and in the upcoming decades are compatible with the EU’s pathway to climate neutrality, avoiding wasted investments in the fossil fuel economy
- Boost the competitiveness of Europe’s businesses, create stable and future-proof jobs, and enable the EU to lead in developing the clean technology markets of the future
- Make Europe more resilient and strengthen its strategic autonomy