EU Sets Ambitious 2040 Climate Goal

(MENAFN) The European Commission has introduced a legally enforceable objective aimed at slashing the European Union’s net greenhouse gas emissions by 90 percent by the year 2040, relative to 1990 figures.

This newly proposed amendment to the EU Climate Law is designed to reinforce the bloc’s long-term ambition of achieving climate neutrality by 2050.

The initiative also aims to create a stable investment climate, stimulate green energy advancements, and enhance the continent’s energy independence.

“Today we show that we stand firmly by our commitment to decarbonise the European economy by 2050. The goal is clear, the journey is pragmatic and realistic,” stated European Commission President Ursula von der Leyen, underlining the determination behind the new strategy.

Building upon the current 2030 objective of reducing emissions by at least 55 percent, the 2040 target includes fresh mechanisms such as the controlled use of international carbon credits post-2036, the inclusion of carbon removals in the EU Emissions Trading System, and broader adaptability across various sectors.

To bolster the newly proposed goal, the European Commission also announced a series of initiatives within the framework of the Clean Industrial Deal.

These measures comprise an updated system for state subsidies, fiscal benefits, and streamlined guidelines under the Carbon Border Adjustment Mechanism (CBAM), all intended to drive investments in clean energy and curb carbon leakage.

At a joint media briefing, European Commission Executive Vice-President Teresa Ribera and Climate Commissioner Wopke Hoekstra highlighted the importance of harmonizing environmental accountability with the need for economic robustness.

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