EC proposes climate neutrality in European Union law

EU unveils first ever climate law that will help in making all the countries climate neutral by 2050

EU unveils first ever climate law that will help in making all the countries climate neutral by 2050

Europe wants to make it illegal by 2050 to emit more greenhouse gases than can be removed from the atmosphere.

Von der Leyen added that the commission started working on devising a "carbon border adjustment mechanism" aimed at avoiding a situation where European Union countries reduce emissions as part of their ambition to make the continent carbon neutral by 2050, but at the same time import CO2 imbedded in goods.

At the time of their release, the proposals for the Green Deal were also welcomed by the European solar industry, putting itself forward as a key climate change ally despite the lack of solar in the document itself.

"It is the heart of the European Green Deal", said President Ursula von der Leyen.

"[The climate law] offers predictability and transparency for European industry and investors".

This legislation will commit the 27-member bloc to zero greenhouse gas emissions by 2050.

The outlet cited Emma Citron, who is a consultant clinical child psychologist, who said that eco-activist teen Greta Thunberg has served as a positive role model for such afflicted children.

But critics say it is too soft in setting the interim targets needed to push members to achieve the annual reductions required to get them to 2050.

The Commission first set out its vision for a climate-neutral European Union by 2050 in November 2018 in line with the Paris Agreement objective to keep the global temperature increase to well below 2°C and pursue efforts to keep it to 1.5°C.

Climate activist Greta Thunberg who attended Wednesday’s climate discussions with EU commissioners dismissed the proposed law. Image credit AP
Climate activist Greta Thunberg who attended Wednesday’s climate discussions with EU commissioners dismissed the proposed law. Image credit AP

The Green Deal was created to appease these concerns and become a new growth strategy for the 27-nation bloc.

In order to establish a common trajectory and impose revised objectives on the Member States every five years from 2023, the commission plans to adopt legally binding legislation that can enter into force if the European Parliament and the European Council, the EU body which represents governments, they have no objections.

"The Climate Law will ensure we stay focused and disciplined, remain on the right track and are accountable for delivery", said Timmermans, adding that the legislative proposal sent also an "important" message to the EU's worldwide partners.

However, the dynamics may change with the draft measure. A single country can block a climate aim.

The European Commission has published proposals for a new climate law that includes wide-ranging changes in areas that include energy policy.

Everything from energy production to agriculture and the design of cities will be overhauled under the Green Deal strategy that von der Leyen has described as a moonshot.

Options for a new 2030 target of 50% to 55% emission reductions compared with 1990 levels.

The most disappointing aspect of the climate law is it locks us into more than a decade of low ambition on emissions reduction. The winners were selected from more than 150 applicants across the country which were screened for their unique technology and business model, strong focus on affordability and accessibility and social, economic and environmental impact.The selection for the winners of Social Alpha Energy Challenge 2.0 was made for two categories respectively - "pre-pilot" and "post-pilot", to address the needs of technologies and start-ups in different stages of product development. Perhaps the most relevant for financial markets in coming years, will be the Action Plan on sustainable finance, which includes a classification system for sustainable activities, an EU Ecolabel for financial products and disclosure regulation, to name only a few.

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