The European Union published a study on Thursday, suggesting the bloc to increase its renewable energy and energy-saving targets to cut greenhouse gas emissions more significantly this decade. The European Commission wants the EU to reduce emissions by at least 55% by 2030, compared to 1990 levels. According to some analysts, this is the minimum target to achieve net-zero emissions by 2050.
The EU’s current emission target is for a 40% reduction in 2030, although it is on track to reach a deeper 45% cut. Tougher targets have prompted resistance from countries and industries which are concerned about the costs. However, the commission said that the new target is economically feasible, saying that the EU has the funds to support it.
To achieve a 55% emission reduction in 2030, the bloc needs to increase the share of renewable energy to 38%-40% by that year. The commission noted that the EU also needs to save energy as much as 36%-39% by 2030. The EU is on course to increase the renewable share to 33% in 2030.
The commission also outlined plans to accelerate the decarbonisation push, including by tightening emissions standards for cars, reviewing fossil fuel taxation, and including building, shipping, and road transport under the EU carbon market. Expanding EU carbon pricing will increase the bloc’s energy funds for 2021-2030, the commission added.
