Report from European investor group highlights action needed to ensure strength and clarity of policy signals to support necessary flows of investment. The European Union can significantly increase its climate protection target for 2030. Over 170 business and investor CEOs urge the EU to raise EU 2030 GHG emissions targets to at least 55 per cent Info. Global investors call on EU to commit to ‘no less than 55%’ GHG emissions reduction in 2030 climate target. But eventually, every EU member agreed to raise the bloc's emissions reduction goal for 2030 to net 55 percent from the current target of 40 percent. In September, the European Commission put forward a proposal to reach at least 55 percent net emission cuts by 2030 in its Climate Target Plan. In an analysis of the EU’s Impact Assessment on raising the EU 2030 climate target, ... Bulgaria and Romania contained far too much coal power to reach a 55% emission cut in 2030. This has received widespread attention: it proposes to increase the 2030 target to at least 55% emissions reduction by 2030. EU should commit to net-zero greenhouse gas emissions by 2050 at the UN Conference, says Parliament. The Commission also adopted a proposal amending the initial Commission proposal on the European climate law to include a revised EU emission reduction target of at least 55% by 2030. “We decided to cut our greenhouse gas emissions of at least 55 percent by 2030.” Coal … But this will not be easy! A cut of 55 per cent is probably the minimum for the EU if its pledge of reaching carbon neutrality by 2050 is to have any credibility. The European Commission today adopted a proposal to raise the European Union’s 2030 emissions reduction target from 40% to 55… However, while the 55% net target is an increase on the EU’s previous 40% level, the science shows it is still far too low to keep rising global temperatures to 1.5°C and hopefully avoid catastrophic impacts. In ten years, the union must emit not 40, but 55 percent less CO2 than in 1990, EU leaders agreed at … -55% CO2 is a huge challenge for companies in Europe. “Europe is the leader in the fight against climate change,” he wrote. Share. EU leaders pledge to cut emissions by 55% by 2030. An EU 2030 climate target of at least 55% is not only necessary – it is also possible (EurActiv, 15 Sep 2020) Ambitious climate policy in the EU can underpin a sustainable economic growth that supports the development of a competitive, modern economy that delivers benefits for all, and acts as a beacon of inspiration to the rest of the world, writes Dan Jørgensen. EU leaders meeting in Brussels have agreed on a European Commission proposal for a new 2030 EU target to cut carbon emissions by at least 55 per cent compared to 1990 levels. European Commission President Ursula von der Leyen has said the EU will cut carbon emissions to 55% of 1990 levels within a decade. Some European countries do not want this - while climate experts say even greater carbon cuts are needed. MEPs want immediate and ambitious action to limit effects of climate change"© 123RF/EU–EP . Commission floats future phase-out of petrol and diesel cars. “Europe will reduce emissions by at least 55 percent by 2030. Raising the EU’s 2030 climate target from 40% to 55% is a necessary step to get there. Calls to reduce global emissions from shipping and aviation "Parliament declares climate emergency. EU Commission President Ursula von der Leyen. By Catherine Bray On Dec 11, 2020. If … EU Sets Climate Bar Higher: 55 Percent Less CO2 in 2030. (BRUSSELS) - The EU Commission has set out details of its plan, announced Wednesday EC chief Ursula von der Leyen, to reduce EU greenhouse gas emissions by at least 55 per cent by 2030, compared to 1990 levels. Brussels – A European Commission analysis to back up its climate plans for 2030 has revealed an attempt to fudge its target to cut EU-wide emissions by at least 55%, said Greenpeace, warning that the target also falls far short of what science requires to avoid the worst effects of climate breakdown. To reach the new goal of 55%, the EU will have to further increase energy efficiency and the share of renewable energy. EU environment ministers reached agreement on a general approach on the proposal for a European climate law, including a new EU greenhouse gas emissions reduction target of at least 55% by 2030 compared to 1990, following the guidance of the European Council given on 10-11 December 2020. EU should cut emissions by 55% by 2030 to become climate neutral by 2050 . Currently, the EU aims to achieve a 40% reduction by 2030. The plan covering the next decade will put the EU on a balanced pathway to reaching climate neutrality by 2050, says the EU executive. But with the European Green Deal, it has been proposed that target should be increased to 55%. The EU is expected to publish its major Fit for 55 energy and climate package in June spelling out just how the bloc will slash its emissions by 55 percent by 2030. EU leaders agree on 55% climate target for 2030 'Europe is the leader in the fight against climate change,' declared the president of the European Council Charles Michel after leaders finally reached a compromise (Photo: European Union) By Elena Sánchez Nicolás. European Union leaders have agreed to set a more ambitious target of cutting greenhouse gas emissions by 55% by 2030. The EU has a current target of cutting carbon emissions by 40% on the 1990 level by 2030. Dec 2020, 11:37 . The pledge is ‘not the finishing line’ for climate leadership from the EU but a ‘foundation’ for further action, an expert says The aim of the ‘Fit for 55’ package is to update the EU’s 2030 climate and energy laws to reflect this higher target. The European Union is tightening up its climate goals. On 17 September 2020, the Commission published a communication on the 2030 climate target plan, accompanied by a comprehensive impact assessment. to a reduction of the EU’s net GHG emissions of at least 55% compared to 1990 levels by 2030 ,and adopted the communication ‘Stepping up Europe’s 2030 climate ambition Investing in a climate- - neutral future for the benefit of our people’, commonly known as the 2030 EU climate target plan. The European 55% target would include use of "carbon sinks" in the figures, so there is an assumed … The EU's three main bodies have put forth three different sets of climate protection goals. EU coal power generation already fell 24 percent in 2019, and was 47 percent below 2012 levels. Europe News. Getty Images. EU climate target of -55% would mean near-exit from coal in 2030 – experts (Clean Energy Wire, 5 Oct 2020) Stepping up the 2030 EU climate target to an emission reduction of at least 55 percent as proposed by the European Commission would very likely require the bloc to phase out coal almost entirely by that date, according to experts. Based on this impact assessment, the Commission published a Communication on Stepping up 2030 Europe's Climate Ambition (the "Climate Target Plan") in September 2020. Brussels, 11. To meet the objective of a climate-neutral EU by 2050 in line with the Paris Agreement, the EU needs to increase its ambition for the coming decade and update its climate and energy policy … The European Union‟s 2009 package of energy and climate agreements – which had the overall aim of a 20 per cent cut in Europe‟s emissions by 2020 – were only grudgingly accepted by the EU‟s 10 central and eastern member states. (BRUSSELS) - Ending their two-day summit Friday, EU leaders endorsed a binding EU target of a net domestic reduction of at least 55 per cent in greenhouse gas emissions by 2030 compared to 1990. News EU agrees on tougher climate goals for 2030. EU climate target of -55% would mean near-exit from coal in 2030 – experts. 27,611. The EU's adoption of the 55% target comes ahead of a Climate Ambition Summit this weekend which will be co-hosted by the United Nations, the U.K. and France, in … This is important for shaping expectations and influencing companies’ and investors’ decisions and consumers’ choices. The German MEP had tweeted: “With the climate law, Europe is leading the battle against climate change. Stepping up the 2030 EU climate target to an emission reduction of at least 55 percent as proposed by the European Commission would very likely require the bloc to phase out coal almost entirely by that date, according to experts. Stepping up the 2030 EU climate target to an emission reduction of at least 55 percent as proposed by the European Commission would very likely require the bloc to phase out coal almost entirely by that date, according to experts. U.N. Secretary-General Antonio Guterres has called on the European Union to aim for a 55% cut in greenhouse gas emissions by 2030, far more than the bloc's current target for a 40% reduction. After a summit marked by spats over the budget — where Poland alongside Hungary threatened a veto over tying EU cash to rule of law — there was palpable relief that the meeting ended with both budget and climate agreements. The new 2030 climate target will help to focus Europe's economic recovery from the coronavirus pandemic. According to a new study by Agora Energiewende, it is technically and economically possible for EU Member States to achieve a 55% reduction in greenhouse gas emissions by 2030 compared to 1990. The 55% target will also send a clear signal to market players about the irreversibility of the EU’s climate trajectory. Six countries in the EU are now coal-free and fourteen have pledged to become coal-free by 2030 or earlier. This will now be subject to further consultation and analysis before legislative proposals are presented by the Commission in June 2021.