Europe | Is the EU on track to be “Fit for 55” by 2030?
Earlier in July, the European Commission put forward a concrete set of proposals aimed at providing substance to the EU’s commitment to cut greenhouse gas emissions to “at least 55%” below 1990 levels by 2030 and to reach “climate neutrality” (i.e., net-zero greenhouse gas emissions) by 2050.
What you will learn:
- The new “Fit for 55” proposals from the Commission mark the beginning of a process of reform that seeks to align the EU’s laws and policies with its overall climate and environmental targets.
- At the centre of the proposals is a plan to more effectively price carbon by tightening the existing emissions-trading scheme and extending a new scheme to include emissions from shipping, road transport, and buildings.
- Since this will largely be a regressive tax, a new Social Climate Fund will aim to recycle the revenues raised, while a new carbon border adjustment mechanism aims to limit the scope for carbon leakage in a limited number of key sectors.
Tags:
Related Services
Post
Eurozone: Little sign of harm from the Red Sea disruptions
The impact of Red Sea shipping disruption on the eurozone economy continues to be limited, in line with our baseline view. Our new Eurozone Supply Stress Indicator suggests that supply pressures have returned to normal following a period of easing in 2023.
Find Out More
Post
GCC: Key themes shaping city economies in the near term
For Gulf cities, the near-term outlook will be tied not only to the global macroeconomic backdrop, but also the progress of the diverse visions and strategies in the region. With the aim to diversify their economies and reduce the dependence on oil, Gulf states continue to invest in the non-oil economy and implement various reforms. That said, oil revenues remain key to funding diversification efforts.
Find Out More