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    EC Launches Consultation on Increase of EU 2030 Climate Target

    March 31, 2020

    EC launched an online public consultation on the increase of the 2030 climate target of EU and on the actions and policies necessary to achieve deeper greenhouse gas emission cuts. As part of the European Green Deal, EC will put forward a comprehensive plan to increase the 2030 climate target in September this year. The plan will propose to increase the current 2030 target of at least -40% greenhouse gas emission reductions to at least -50% and toward -55%, compared to the 1990 emission levels. Once agreed, EC will then propose to include the new target in the recently tabled European Climate Law. Revising the current 2030 target upwards will put EU on a more gradual pathway to climate-neutrality by 2050. It will also help to ensure first-mover benefits for European industry, avoid stranded assets, and strengthen the global leadership role of in the international climate negotiations. The online consultation will be open until June 23, 2020.

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    Comment Due Date: June 23, 2020

    Keywords: Europe, EU, Banking, Insurance, Securities, Climate Change Risk, ESG, European Green Deal, Climate and Energy Framework, EC

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