EC notes inconsistencies in 2030 climate ambitions

The European Commission (EC) has warned of a gap in the ambitions of member states to meet renewable energy and energy efficiency targets by 2030, although it has noted some progress. This is stated in a new EC review on the economy and finance, Argus Media reports.

As noted, European industry still faces relatively high energy prices.

Improving energy efficiency and switching to less expensive renewable energy sources are necessary to increase the competitiveness of European industry. However, most EU countries lack reliable and detailed estimates of investment needs, as well as concrete measures to attract private capital to finance clean energy.

The EC has called on all member states to submit final updated national energy and climate plans by June 30 this year.

EU countries also need to strengthen policies to phase out fossil fuel subsidies to meet the bloc’s goal of becoming a climate-neutral economy.

The EC has estimated the net budgetary costs of emergency energy support measures:

1. for France at the level of 0.9% of GDP in 2023 and a projected 0.2% in 2024,
2. for Italy – 1% of GDP in 2023, 0% in 2024,
3. for Germany, 1.2% of GDP in 2023, 0.1% in 2024.

At the same time according to report According to the Stockholm Environment Institute (SEI), since 2015 the EU has been a net importer of CO2 emissions: emissions associated with goods and services imported for the bloc’s consumption exceed those associated with its exports. This shows the growing negative impact of EU consumption on other countries.

More than 30% of emissions imported into the EU come from outside the bloc. China was the largest exporter of emissions to the European Union, accounting for 8.5% of the European Union’s emissions from consumption. It is followed by the Russian Federation (4.8%), the USA and India (1.6% each).

Projections point to an increase in the environmental impact of consumption in the EU by 2030, underscoring the need for additional action to align with global climate goals.

In order to reduce consumption-based emissions, the researchers, in particular, advise setting binding targets at the EU level, increasing transparency in trade and value chains, promoting trade partnerships with countries committed to sustainable production practices, etc.

As GMK Center reported earlier, in May 2024 the EU governments officially approved a new law designed to ensure 40% production of solar panels, wind turbines, heat pumps and other environmentally friendly technological equipment within the block. The law will create favorable conditions for investments in “green” technologies.