‘We can do it!’: EU chief announces 55% emissions reduction target for 2030

European Commission President Ursula von der Leyen has confirmed plans to target a 55% cut in greenhouse gas emissions by 2030 as part of a broader European Green Deal programme aimed at reaching “climate neutrality” by mid-century. “For us, the 2030 target is ambitious, it’s achievable and it is beneficial for Europe,” von der Leyen said as she unveiled the EU’s new climate proposals before the European Parliament in her first State of the Union address since she became Commission President in 2019.

“We can do it!” she said, borrowing a famous phrase used by German Chancellor Angela Merkel during the height of the 2015 migration crisis. “Our impact assessment clearly shows that our economy and industry can manage this,” she continued, saying EU countries have already managed to reduce emissions by 25% since 1990 while growing the economy by more than 60%. The difference today, she said, is that Europe now has the technology, the expertise and the financial firepower necessary to make it happen, with a €1.8 trillion EU budget and recovery fund that was agreed by EU leaders in July for the years 2021-2027. “We are world leaders in green finance and we are the largest issuer of green bonds worldwide,” von der Leyen pointed out, announcing that 30% of the EU’s €750 billion recovery fund will be raised through green bonds.

But meeting the 55% goal also represents “a significant investment challenge,” the Commission warns in the draft document, saying investments in clean energy will have to increase by “around €350 billion per year” in order to achieve the new 2030 objective. And while many business groups are supportive of the new 55% emissions goal, others are more guarded about raising the bloc’s climate ambitions. But the European Green Deal involves much more than just cutting emissions, von der Leyen said. It’s also “a new cultural project for Europe,” she added, saying an upcoming EU “renovation wave” will focus on making buildings less wasteful, less expensive and more sustainable. “We know that the construction sector can even be turned from a carbon source into a carbon sink if organic materials like wood and smart technologies like AI are being used,” said the former German defence minister.

Source: Edie