EU sets ambitious 2040 climate goals amid political, social challenges
EU’s 2040 climate strategy aims for 90% emission reduction amidst rising social and economic challenges
The European Union has unveiled its climate targets for 2040, aiming for a 90% reduction in greenhouse gas emissions compared to 1990 levels.
This announcement made four months before the European Parliament elections, comes as the EU faces a delicate balancing act between environmental ambitions and growing social and economic concerns.
The new target aligns with the EU’s commitment to achieve carbon neutrality by 2050, maintaining the pace of emission cuts set for 2020-2030. However, the announcement has been overshadowed by recent farmer protests and a broader backlash against the EU’s Green Deal, particularly in the agricultural sector, which accounts for 11% of the bloc’s emissions.
Despite these challenges, Pascal Canfin, chair of the European Parliament’s environment committee, expressed confidence in the EU’s current trajectory, stating that “the job is done” until 2030 with a “massive transformation” already under way. However, he cautioned that continued momentum is crucial to meet the final target.
EU’s 2040 climate targets
The 2040 targets hinge significantly on carbon capture and storage technologies, which are seen as essential for industries that are harder to decarbonize. This approach, however, has drawn criticism from environmental groups who argue for a focus on gross emission reductions rather than reliance on unproven technologies.
In terms of investment, the European Commission estimates a need for around 1.5 trillion euros ($1.61 trillion) per year between 2031 and 2050 to meet these climate goals. This figure represents nearly 10% of the combined gross domestic product of the EU’s 27 member states.
Amidst these developments, EU climate commissioner Wopke Hoekstra emphasized the need for a “just transition” that balances climate ambition with competitive business and social equity. This sentiment is echoed by the E3G climate advocacy group, which highlights the importance of addressing the social impact of climate policies.
Source: Newsroom
