Brussels proposes to cut greenhouse gas emissions by 90% by 2040

The European Commission on Tuesday proposed cutting greenhouse gas emissions by 90% by 2040 compared with 1990 levels, aiming to make the European Union (EU) the first climate-neutral continent by 2050.

“Today the Commission published a detailed impact assessment of possible pathways towards achieving the agreed target of making the European Union climate neutral by 2050. Based on this impact assessment, the Commission recommends a net reduction of greenhouse gas emissions of 90% by 2040 compared to pre-1990 levels,” the community leader said in a statement.

Given the European elections in June 2024, a legislative proposal on this issue will go before the next European Commission and then need to be agreed by the European Parliament and Council member states, as required by EU climate legislation, he adds. institutions, with only an intermediate goal being proposed this Tuesday.

In a message published on Tuesday ahead of the proposal, Brussels stipulates some “favorable political conditions necessary to achieve the 90% target.”

These include the full implementation of targets such as reducing pollutant emissions by at least 55% by 2030, ensuring the competitiveness of European industry, creating fair competition conditions with international partners, and achieving strategic dialogue on the post-2030 development agenda, especially with industry and the agricultural sector at a time of intense farmer protests across the EU.

According to the European Commission, this goal also includes social policies and decarbonization of industry, energy and transport.

“Setting a climate target for 2040 will help European industry, investors, citizens and governments make decisions this decade that will help the EU on its way to achieving climate neutrality by 2050. This will send important signals on how to effectively invest and plan for the long term. term, minimizing the risks of non-return of assets,” says the community leader.

According to the institution’s reports, fossil fuel imports accounted for more than 4% of EU GDP in 2022, at a time of serious fallout from Russia’s war against Ukraine and heavy dependence on third countries – a scenario that Brussels wants to avoid with the climate transition. .

It is also estimated that climate-related economic losses in Europe amounted to €170 billion over the past five years.

Moreover, the European Commission’s impact assessment also shows that increased global warming as a result of inaction could lead to a reduction in EU GDP of at least 7% by the end of the century.