EU Sets New Climate Goal for 2040 | 08 Feb 2024

Source: DTE

The European Union (EU) has recently introduced its new proposed 2040 climate goal, outlining a net emissions reduction target of 90% by 2040 compared to the 1990 baseline levels.

EU's previous goal set in September 2020 aimed at cutting greenhouse gas emissions (GHG) by 55% below 1990 levels by 2030, which was later enshrined in the EU Climate Law along with a commitment to achieve carbon neutrality by 2050.
- To accompany the target, the European Commission released a “Fit for 55” package in 2021, which provided a set of proposals to achieve the 2030 reduction target.
The latest 2024 proposal is an interim step required by the EU Climate Law, which outlines a process to develop a 2040 target within six months of the first Global Stocktake (GST), which concluded at the 28^th CoP to the UNFCCC in Dubai.
- The proposal highlights the need for a significant reduction in coal usage by 2040, with natural gas expected to decline rapidly, and oil being the last to be phased out. However, some fossil fuels will remain in use for non-energy purposes and long-distance transport.
Critics argue that the proposed targets fail to address the EU's historical emissions burden adequately.
Heavy reliance on carbon capture and CO₂ removal technologies raises concerns about the ambition and effectiveness of the target.