adminThe European Union’s chief executive said yesterday the bloc should commit to deeper emissions cuts over the next decade, and pledged to use green bonds to finance its climate goals.
With wildfires, drought and collapsing glaciers wreaking havoc around the world, European Commission president Ursula von der Leyen said ambitious action to tackle climate change could create millions of extra jobs, aiding Europe’s economic recovery from the Covid-19 pandemic.
Von der Leyen said the EU should set a target to cut its greenhouse gas emissions by at least 55 percent by 2030, against 1990 levels, confirming plans laid out in draft Commission documents previously reported by Reuters. The EU’s current 2030 emissions target is for a 40 percent cut. Experts say a 55 percent cut is the minimum effort needed by 2030 to put the EU on track for its plan to reach net zero emissions by 2050. Von der Leyen acknowledged the proposal would divide the European Parliament and member states, which must approve the legally binding target but which disagree on how ambitious it should be.
“I recognise that this increase from 40 to 55 is too much for some, and not enough for others,” she said in a speech in European Parliament. — Bloomberg.
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