European Union officials are to announce a revision to environmental policy that will substantially increase the bloc’s targets for reducing greenhouse gas (GHG) emissions over the next 10 years, including for the first time those from the international aviation and maritime sectors.
The new package, Fit For 55, will be announced on July 14th, 2021 and is expected to increase the level of ambition from a 40% reduction of emissions to 55%, compared with 1990 levels.
Before that, commission president Ursula von der Leyen, in her “state of the union” address in September, proposed the revised reduction target alongside a revision of the EU’s climate and energy legislation by June 2021, which included a spending target of 37% of the €750bn NextGenerationEU recovery fund on Green Deal objectives, and the intention to raise 30% of the NextGenerationEU budget through green bonds.
The EC adopted “Stepping up Europe’s 2030 climate ambition – investing in a climate-neutral future for the benefit of our people”(commonly known as the 2030 EU Climate Target Plan), on the same day last year.
Now, Fit for 55 will include amendments to the energy tax directive, reducing methane in the energy sector.
The Fit for 55 policy notice will include:
- Revision of the EU Emissions Trading System (ETS), including maritime, aviation and CORSIA as well as a proposal for ETS as own resource;
- A Carbon Border Adjustment Mechanism (CBAM) and a proposal for CBAM as own resource;
- An effort-sharing regulation (ESR);
- Revision of the Energy Tax Directive;
- Amendment to the Renewable Energy Directive to implement the ambition of the new 2030 climate target (RED);
- Amendment of the Energy Efficiency Directive to implement the ambition of the new 2030 climate target (EED);
- Reducing methane emissions in the energy sector;
- Revision of the regulation on the inclusion of greenhouse gas emissions and removals from land use, land use change and forestry (LULUCF);
- Revision of the directive on deployment of alternative fuels infrastructure;
- Revision of the regulation setting CO₂ emission performance standards for new passenger cars and for new light commercial vehicles.
And mopre initiatives will be announced for the fourth quarter of 2021:
- Revision of the Energy Performance of Buildings Directive (EPBD);
- Revision of the Third Energy Package for gas (Directive 2009/73/EU and regulation 715/2009/EU) to regulate competitive decarbonised gas markets.