By Yvonne Heinen-Foudeh, Needle’s Eye Senior International Correspondent
EU IS striving to be the first climate-neutral continent. in December 2019 the European Union with its 27 member states (after BREXIT) presented the “Green Deal”. The Green Deal is the EU’s main new growth strategy to transition the economy within the confederation to a sustainable economic model.
The overarching objective is to become climate neutral by 2050 as the first continent on planet earth that results in a cleaner environment, more affordable energy, smarter transport, new jobs, and an overall better quality of life.
Elements and Funding Among the elements of the ambitious strategy is Climate action doubtlessly at the heart of the European Green Deal, Clean energy, Buildings & renovations, Eliminating pollution, Farm to Fork, Sustainable industry & mobility, and R&D.
There are several funding mechanisms in place to facilitate the EU Green Deal, totaling over €1 trillion. The EU Green Deal Investment Plan will enable the delivery of the policy reform needed for the EU’s economic growth and climate neutrality.
Sustainable Industry: Decarb Efforts At present, industry accounts for twenty percent of the EU’s greenhouse gas emissions. The Green Deal, therefore, includes actions to strengthen the decarbonization efforts, ranging from product sustainability to the supply of raw materials. The adopted Circular Economy Action Plan presents initiatives to increase the duration of a product to alleviate pressure on natural resources. It includes a Sustainable Products Policy, which regulates the improvement of product reusability, reparability, and integration of recycled contents. The aim of the adopted EU Industrial Strategy is to develop markets for climate-neutral and circular products and to encourage the digital transition in the EU.
Above all the European Climate Law requires that all EU policies contribute to achieving the EU Green Deal objective. As a result, the EU Commission is reviewing every EU law to ensure its alignment with the EU emission reduction targets. In July 2021 the “Fit for 55 package” had been launched by the EU Commission for an update of more ambitious target: According to that legislative package to by 2030, the EU's greenhouse gas emissions are to be reduced by 55 percent - instead of the previous 40 percent - compared to 1990. –NE–