Europe targets 90% emission cut by 2040
Legislation will follow to adopt the new post-2030 target
Europe has set a legislative path for a 90% cut in greenhouse gas emissions by 2040 before it can reach climate neutrality in 2050. The European Commission said legislation to meet the new target will be created by the next Commission after the European elections.
The EC said emissions in the bloc will have to be slashed by at least 55% by 2030 to reach the 2040 target.
It said its Green Deal “now needs to become an industrial decarbonisation deal” to build on renewable energy production in Europe. The Commission will set up a dedicated taskforce to develop a global approach to carbon pricing and carbon markets, which it said will be critical to delivering on its emission reduction targets.
The next few months will see political debate in Europe before the legislation can be passed for the post-2030 policy framework.
The EC said a number of policy conditions are necessary to achieve the 90% reduction by 2040. “They include the full implementation of the agreed 2030 framework, ensuring the competitiveness of the European industry, a greater focus on a just transition that leaves no one behind, a level playing field with international partners, and a strategic dialogue on the post-2030 framework, including with industry and the agricultural sector,” it said.
“Setting a 2040 climate target will help European industry, investors, citizens and governments to make decisions in this decade that will keep the EU on track to meet its climate neutrality objective in 2050,” it added. “It will send important signals on how to invest and plan effectively for the longer term, minimising the risks of stranded assets. With this forward-planning, it is possible to shape a prosperous, competitive and fair society, to decarbonise EU industry and energy systems, and to ensure that Europe is a prime destination for investment, with stable future-proof jobs.”
The EC said achieving the target would boost Europe’s resilience to future crises, in particular strengthening the bloc’s energy independence from fossil fuel imports.
The EC said its energy sector is projected to fully decarbonise shortly after 2040, as it launched a new initiative, the Industrial Alliance on Small Modular Reactors, to boost industrial competitiveness and ensure a strong EU supply chain and a skilled workforce.
“Achieving the 90% recommended target will require both emissions reductions and carbon removals. It will require deployment of carbon capture and storage technologies, as well as the use of captured carbon in industry,” the EC said. It added that carbon removals will be needed to generate negative emissions after 2050.
Kadri Simson, European commissioner for energy, said: “The energy sector is leading the way in Europe’s decarbonisation and emissions reduction, and we must continue on this path towards 2040. In the 2030s we should see major progress in the transition away from fossil fuels, and an increasing share of renewables in our energy mix. We are sending a clear signal to investors that Europe is staying the course and offers them long-term predictability and stability.”