European Green Deal to transform economy and society

Submitted by Imogen Allan on 15 July 2021

Achieving a reduction of at least 55% in greenhouse gas emissions by 2030 is crucial to Europe becoming the world's first climate-neutral continent and making the European Green Deal a reality.

The European Commission has presented new legislation to deliver on the targets agreed in the European Climate Law. This will transform the EU’s economy and society for a fairer and greener future.

The new proposals combine:

  • Strengthening the existing EU Emissions Trading System;
  • Increased use of renewable energy;
  • Greater energy efficiency;
  • Faster roll-out of low emission transport modes;
  • Alignment of taxation policies with the European Green Deal objectives;
  • Measures to prevent carbon leakage.

New climate policies risk putting extra pressure on vulnerable households, micro-enterprises, and transport. Policies in the Commission’s new package aim to fairly spread the costs of adapting to climate change.

Carbon pricing instruments, for example, can be reinvested to create innovation, growth, and investment in clean technologies. In this context, a new Social Climate Fund will help citizens finance investments in energy efficiency.

The fund will provide €72.2 billion for Member States in 2025–2032; through a proposal to draw on matching Member State funding, it would mobilise €144.4 billion for a socially fair transition.

The benefits of acting now to protect both people and the planet are:

  • Cleaner air;
  • Greener towns and cities;
  • Healthier citizens;
  • Lower energy use;
  • Creation of European jobs, technologies, and industrial opportunities;
  • A healthier planet.

The key challenge of the green transition is ensuring that everyone can benefit from the opportunities it provides. By using the different policy tools available at EU level, the transition can be inclusive.

Find out more here.

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