06 April 2023

COMMISSION LAUNCHES CONSULTATION ON 2040 CLIMATE TARGET

On 31 March, the European Commission launched a public consultation and a call for evidence on what greenhouse gas (GHG) emissions reduction target the EU should set for 2040 and how best to achieve it. The initiative comes from the European Climate Law which calls on the Commission to propose an EU-wide climate target for 2040, taking into account an indicative GHG budget (defined as the cumulative net emissions over the period) for 2030-2050.

The consultation sets out options ranging from a 65% reduction — which it describes as a “very low ambition” in the context of its current target of a 55% net reduction in GHG emissions by 2030, compared with 1990 levels — to a “very high ambition” of more than 90%. The document asks respondents to indicate the importance of various challenges arising from the transition and associated actions, including, but not limited to, new technologies and R&D, green finance, carbon removals, energy efficiency, faster renewables rollout, and state legislation.

The consultation also seeks views on a number of specific policies, including EU ETS and CBAM post-2030.

The consultation is open until 23 June 2023.