The European Commission (‘Commission’) today issued a proposal for legislation requiring the EU to reduce its greenhouse gas emissions to “net zero” by 2050.
This would mean any remaining emissions would need to be balanced by removal (or ‘capture’) of emissions from the atmosphere. The proposal will now be negotiated within the European Council and the European Parliament, and will eventually need to be agreed between the two institutions, before becoming EU law.
The so-called “climate neutrality” law is the Commission’s first deliverable under its “Green Deal” package of measures. Over the coming years, the Commission plans to overhaul climate and energy legislation, tackle waste and pollution, improve the preservation of biodiversity and ensure a more sustainable food supply. Key pillars of the Commission’s planned energy policy reforms are expected proposals for decarbonising the gas system and the transport sector.
In our recent study for the European Federation of Energy Traders (EFET), we set out a blueprint for EU energy and climate policy to 2050, focussing on market-based approaches for decarbonising the gas and electricity sectors.
We advise a range of international clients on issues related to action to tackle climate change and the EU Green Deal specifically. Our collection of insights on the topic can be found here.
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