The European Commission recommended on Tuesday a 90% net greenhouse gas emissions reduction by 2040 compared to 1990 levels. It argued that the target will "help European industry, investors, citizens and governments to make decisions in this decade" to ensure the European Union is on track to be climate neutral by 2050. "It will send important signals on how to invest and plan effectively for the longer term, minimizing the risks of stranded assets," the Commission said.
To achieve this goal, member states must fully implement the existing legislation to reduce emissions by at least 55% by 2030, the Commission noted. In addition, the EU's Green Deal must "become an industrial decarbonization deal," including funding green power and carbon capture, as well as the production of batteries, electric vehicles, solar panels, and biogas, among others. The Commission said the EU will "continue to develop the right framework conditions to attract investment and production."
