We have a deal on Climate Law – Agreement on Climate Law for Europe 2030
“We have a deal on Climate Law!” After 15 hours of talks, the European Union negotiators agreed on a new European Climate Law. According to the law, greenhouse gas (GHG) emissions will be reduced by 55% by 2030 compared to the baseline GHG emissions of 1990. Climate neutrality will be reached by 2050. The European Scientific Advisory Board will support policymakers along the way.
We have a deal on Climate Law!
When Frans Timmermans tweeted: “We have a deal on the Climate Law!” he did so after 15 hours of talks and negotiations. At the core, the law decided upon is about net GHG emission reductions. The 2030 target is a reduction of at least 55% compared to the 1990 baseline. And by 2050, the EU will be climate neutral. The question of how vegetation, forests and agriculture can act as a CO2 sink was also part of the discussion. And how that can be taken into account when calculating the net reduction of GHG. One view is that this will lead to a reduction of around 53%. Another viewpoint, taking into account an increased contribution by the European Commission in CO2 sinks, arrives at a number slightly above 55%.
The newly established European Scientific Advisory Board will consist of 15 experts from all over the European Union. The board will provide advice to policymakers. More than that, it will report on policies, targets and GHG budgets. The climate law with all the details is what the European Union calls “Fit for 55”. It will be published by June 2021.
The coming 30 years
How can the 2030 and 2050 targets be achieved? There are two main measures to pave the way. One option is GHG emissions reduction, while the other option is to employ compensation measures. The European Climate Law will have far-reaching consequences. Not only on society but also businesses and the economy.
Achieving the 2030 and 2050 targets requires rethinking. Starting with mobility, energy generation and distribution to production processes – and these are just some examples. It is for sure that we need to become more sustainable in all areas to meet the goals. Businesses will also keep a closer look at the ongoing discussion on an EU carbon border tax.
What is the take on climate protection of the Biden administration?
Under the Biden administration, the US returned to the Paris Climate Agreement. What is in store for climate protection in the US? There will be talks later this week when representatives from the US and EU meet. There are also plans for a global climate summit at Glasgow by the end of the year.
About NordESG
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