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According to the European climate law, which took effect in July 2021, requires the EU to achieve climate neutrality by 2050 and reduce net greenhouse gas emissions by at least 55 percent compared to 1990 levels by 2030. The climate law also requires the European Commission to propose a climate target for 2040. According to the latest impact assessment on possible ways to achieve climate neutrality, the European Commission recommends net greenhouse gas emission reductions of 90 percent by 2040.
Climate change is causing more frequent and severe extreme weather events that lead to significant economic damage. Setting a climate target for the next few years is expected to bring not only economic benefits from lower risk of extreme weather events and associated losses, but also a range of co-benefits, including improved air quality and health, reduced dependence on imported fossil fuels, and support for biodiversity.
Climate target for 2040 and its importance for the development of the economy
Setting a climate target for 2040. will help European industry, investors, citizens and governments make decisions that will allow the EU to reach its 2050 climate neutrality goal. This will provide important signals indicating how to effectively invest and plan for the long term. Through foresight, it is possible to shape a prosperous, competitive and equitable society, decarbonize the EU’s industry and energy systems, and make Europe a major investment destination and a stable workplace fit for the challenges ahead.
Setting a target will also increase Europe’s resilience to future crises and, in particular, strengthen the Union’s energy independence from fossil fuel imports, which have been consuming more than 4 percent of the world’s energy supply. GDP in 2022. Climate-related economic losses in Europe over the past five years are estimated at 170 billion euros. The European Commission’s impact assessment shows that, even by conservative estimates, global warming as an effect of inaction could reduce EU GDP by about 7 percent. By the end of the century.
How will the EU’s 2040 climate target be achieved?
Achieve a net reduction in greenhouse gas emissions of 90 percent. By 2040. Compared to 1990 levels. will require a number of conditions, such as the implementation of regulations aimed at reducing emissions by at least 55 percent. By 2030. One of the key elements on the way to this goal is updating the National Energy and Climate Plans, which we wrote about in a previous article: National Energy and Climate Plans.
Another important element here is European Green Deal, which must become an agreement to decarbonize the industry and base it on wind power, hydropower and electrolyzers, and to increase domestic production capacity in emerging sectors such as batteries, electric vehicles, heat pumps, photovoltaic power, CCU/CCS, biogas and biomethane, and the closed-loop economy. According to the European Commission, setting greenhouse gas emission fees and access to financing are crucial for European industry to achieve its reduction targets, so a special task force will be set up with the role of developing a global approach to setting greenhouse gas emission fees and carbon release markets.
One of the most important elements of making a clean transition is open dialogue with all stakeholders. The European Commission has already engaged in talks with industry and agriculture representatives. Ongoing outreach efforts will help present legislative proposals for a post-2030 policy framework. and which will contribute to achieving the 2040 target. In a fair and cost-effective manner. The pace of decarbonization will depend on the availability of technologies that deliver zero-carbon solutions, as well as the efficient use of resources in a circular economy.
Climate target – how to reduceCO2 emissions
Achieving the recommended goal of 90 percent. will require emission reductions andCO2 removal. To achieve it, the focus should be on implementing carbon capture and storage technologies, as well as its use in industry. EU industrial emissions management strategy aims to support the development ofCO2 supply chains and the required transportation infrastructure. CO2 capture should target sectors where emissions are difficult to reduce and where alternatives are less economically viable. Carbon dioxide removal will also be needed to generate negative emissions after 2050.
Industrial alliance for small modular reactors
The energy sector is expected to achieve full decarbonization after 2040. based on zero- and low-carbon energy solutions, including renewable energy sources, nuclear power, energy efficiency, storage, CCS, CCU, carbon dioxide removal, geothermal and hydroelectric power plants. In support of the stated goal, the Small Modular Reactor Industrial Alliance has been established, which will seek to increase the competitiveness of the industry and ensure a strong supply chain and skilled workforce in the EU.
When will the 2040 climate target be adopted?
The legislative proposal, as envisioned, will be presented by the next European Commission after the elections, and then agreed with the European Parliament and member states – as required by EU climate law.
Recommending a net 90 percent reduction in greenhouse gas emissions. By 2040. is in line with the opinion of the European Scientific Advisory Committee on Health and Safety at Work. Climate Change (ESABCC) and with the EU’s obligations under the Paris Agreement.
