💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

EU ministers to agree to make climate neutrality by 2050 binding

Published 10/20/2020, 07:20 AM
Updated 10/20/2020, 07:25 AM
© Reuters. European Union's flags flutter outside the European Commission headquarters in Brussels

By Kate Abnett

BRUSSELS (Reuters) - EU environment ministers are set to agree this week to make the bloc's pledge to be climate neutral by 2050 legally binding, although tough questions about how deeply to cut emissions over the next decade will be left to leaders to discuss in December.

The bloc, which takes big decisions by consensus among its 27 member states, is inching its way towards tighter emissions goals in time for a year-end deadline under the Paris climate agreement to spell out targets for 2030.

Its longer term goal is net zero emissions of planet-warming greenhouse gases by 2050, which the executive European Commission says will drive the economic recovery from the coronavirus crisis, as countries invest in renewable energy, electric cars and other technologies.

Over the next decade, the Commission wants to cut emissions by at least 55% from 1990 levels. But some countries, especially those that burn coal, want more guarantees that the economic burden of the transformation will be shared.

Leaders agreed at a summit last week to gather more information on how the new target will affect individual countries - a key demand of coal-heavy Poland - before trying to reach a deal in December on the 2030 target.

Meanwhile, environment ministers will attempt on Friday to agree the rest of the law to make emissions-cutting goals legally binding. That would let them start negotiations with the European Parliament, which must approve it.

A draft proposal for the law, as a basis for Friday's talks, would set the 2050 net zero emissions target as a goal for the EU as a whole, rather than for individual countries, potentially letting some have higher emissions if others make deeper cuts.

This sets up a tussle with European lawmakers who want to make the target binding on each country.

Parliament also wants an independent scientific council to advise the EU on climate policy, and a carbon budget to set out the total emissions Europe could emit in future, proposals excluded from the draft.

© Reuters. European Union's flags flutter outside the European Commission headquarters in Brussels

"We are ready" for the negotiations to start, said Michael Bloss, a member of the European Parliament from Germany.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.