European Union executive proposes climate law, targets zero emission by 2050

The commission which proposes EU law has hailed the draft has the cornerstone of a European Green New Deal that also envisages a major investment drive to decarbonise the European economy

Europe, their letter had said, needs stronger 2030 GHG reduction targets but also interim goals for 2040.

A group of youth climate activists, including Greta Thunberg, have said that the climate law unveiled by the European Commission on Wednesday (4 March) is a "surrender" that postpones immediate action to mitigate climate change.

The proposed European Climate Law falls short of providing any substantial details regarding the EU's plans to share the investment burden across the continent in line with the principle of solidarity.

Parties to the Paris Agreement on climate change are meeting at the COP26 summit in Glasgow in November, where they must commit to tougher targets of reducing emissions. By comparison, Denmark has a 70% 2030 reduction target. "Taking into account the duration of investment process in our sector, 2030 is tomorrow" - stated Wojciech Dąbrowski. Although the key elements of the European Climate Law proposal were announced in the European Green Deal communication, there are some key shortcomings of the proposed draft regulation with regard to the issue of burden-sharing between Member States.

The European Climate Law sets the 2050 target and the "direction of travel" for all EU policy, and gives predictability for public authorities, businesses and citizens.

The law is only one leg of the Green Deal and we believe financial markets' focus will continue to be on the investment fund and the European Union action plan for sustainable finance, which we expect to have a major impact on financial markets in coming years.

A dozen member states have also expressed concern and have asked the commission to set an objective by 2030 "as soon as possible and by June 2020 at the latest to advance discussions in a timely manner".

According to a leaked draft seen by AFP, the proposed climate text aims to enshrine into law the EU's grand ambition of zero net carbon emissions by mid-century.

"Right now we are in a situation where we fear we will not make it in time because the Commission's timeline does not suggest a proposal before September", he said.

- Based on a comprehensive impact assessment, the EC will propose a new 2030 European Union target for greenhouse gas emission reductions.

The committee also highlighted the importance of multilevel climate and energy dialogues and says it is ready to cooperate with all relevant institutional partners, with a view to maximising the impact and quality of multilevel governance mechanisms in all members states.

Therefore, the compensatory measures foreseen under the ETS directive - the Modernisation Fund and solidarity mechanism (the amount of allowances for auctions for less wealthy Member States) - should be increased proportionally to account for the cost resulting from new increased targets. This must be coupled with significant investment that supports every region, city, town and village, especially those heavily reliant on coal.

"One thing that will absolutely not fly is the delegated act". The list of reasons to be considered to establish intermediate targets appears to be arbitrary and does not reflect, inter alia, the respective challenges regarding electrification and decarbonisation of the European economy. Intermediate targets are by no means non-essential elements of the climate and energy policy.



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