MEPs will debate and vote on the new EU climate law this week, which raises the EU’s 2030 emissions reduction target to at least 55%, with climate neutrality by 2050.
In 2020, the European Commission proposed the first law to enshrine in legislation the goal set out in the European Green Deal – for Europe’s economy and society to become climate neutral by 2050.
According to the commission, this means achieving net-zero greenhouse gas emissions for EU countries as a whole, mainly by cutting emissions, investing in green technologies and protecting the natural environment.
Steps towards new climate law
This year, the European Council and Parliament reached a provisional political agreement on setting into law the objective of a climate neutral EU by 2050, with a collective, net greenhouse gas emissions reduction target (emissions after deduction of removals) of at least 55% by 2030 compared to 1990.
Other elements of the provisional agreement include the establishment of a European Scientific Advisory Board on Climate Change to be tasked with, among other things, providing scientific advice and reporting on EU measures, climate targets and indicative greenhouse gas budgets.
The negotiators agreed that the commission would propose an intermediate climate target for 2040, if appropriate, at the latest within six months after the first global ‘stocktake’ carried out under the Paris Agreement.
The agreement also sets an aspirational goal for the EU to strive to achieve negative emissions after 2050.
Just Transition Fund
A debate and vote will also take place this week on the Public Sector Loan facility mechanism under the Just Transition Fund.
Commissioner for Cohesion and Reforms, Elisa Ferreira said this facility is “an important tool to help regions and communities meet the challenges stemming from climate transition”.
Overall, the facility is expected to mobilise between €25 and €30 billion of public investments over the next seven years. The European Investment Bank (EIB) will be the main finance partner.
The parliament is also set to approve €243 billion this week to help EU regions “level up”. The funds will support climate action, along with social rights and recovery from the pandemic.