On February 6, the European Commission presented recommendations on the EU's climate goal for 2040, the main of which is to reduce emissions by 90% compared to 1990 and introduce carbon capture technologies. This was reported by UNN with reference to Euractiv.
The Commission recommends reducing net greenhouse gas emissions by 90% by 2040 compared to 1990 levels
Details
The European Commission emphasizes that the publication of climate goals for 2040 will help European industry, investors, citizens and governments make decisions that will help the EU stay on track to achieve climate neutrality in 2050.
The EC believes that the 90% target is accompanied by rapid investment to deploy new low-carbon technologies such as hydrogen production through electrolysis, carbon capture and utilization, and industrial carbon removal between 2031 and 2040. A lower target of 80% or 85-90% by 2040 was also considered, but ultimately rejected, as it meant pushing the deployment of new technologies to 2041-2050, which posed a risk of not achieving climate neutrality by 2050.
The implementation of these technologies will be expensive, as between 2031 and 2050, about 660 billion euros will need to be invested annually in energy, equivalent to 3.2% of EU GDP. Transportation costs are estimated at around €870 billion per year over the same period, equivalent to 4.2% of GDP.
But inaction is also costly: according to the EU executive, climate-related economic losses in Europe have been estimated at €170 billion over the past five years. Reducing emissions and switching to clean energy will also help reduce Europe's dependence on fossil fuels, which accounted for more than 4% of GDP in 2022.
Context
The recommendations presented do not establish legally binding obligations for EU countries or industry at this stage - it merely initiates a discussion that will be formalized into legislation after the next European elections in June, in which conservative and far-right parties are expected to win a significant victory.