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EC proposal to cut emissions by 55% by 2030
At the heart of the European Green Deal, regarded as the blueprint for Europe’s energy transition, is the mission to become the first climate-neutral continent by 2050. However, when presenting her 2020 State of the Union address to the European Parliament Plenary on 15 September, European Commission President Ursula von der Leyen, stated: ‘We will not get there with the status quo – we need to go faster and do things better.’
She went on to state that following a wide public consultation and an extensive impact assessment, the European Commission is now proposing to increase the 2030 target for emissions reduction to at least 55%, up from the previous target of 40%. ‘Our impact assessment clearly shows that our economy and industry can manage this,’ she said, adding that meeting the target would put the EU ‘firmly on track for climate neutrality by 2050 and for meeting our Paris Agreement obligations’. She also noted that: ‘If others follow our lead, the world will be able to keep warming below 1.5oC.’
Von der Leyen further announced that 30% of the €750bn NextGenerationEU budget will be raised through green bonds. And 37% of funding will be invested in European Green Deal objectives, including ‘lighthouse' European projects – hydrogen, green building and 1mn electric charging points.
In the rest of her address, von der Lyen pledged that the European Commission will drive a sustainable and transformational recovery that will give Europe a global platform to lead economically, environmentally and geopolitically, outlining the key issues the European Union needs to focus on over the next 12 months.