EU’s “Fit for 55” to spur policy innovation for climate action

EU’s “Fit for 55” to spur policy innovation for climate action

The European Commission has released its “Fit for 55” legislation package, supporting its commitment to reduce net greenhouse gas emissions by at least 55 per cent by 2030. The package presents a policy action plan on how to reach Europe’s climate targets, in line with its ambition to become the first climate-neutral continent by 2050.

As a result of existing climate and energy legislation, the EU’s greenhouse gas emissions have already fallen by 24% compared to 1990. But increased efforts are needed to make the transition to a European net-zero economy in time.

“Our current fossil fuel economy has reached its limits. We now have to move to a new model, one that is powered by innovation,” said European Commission President Ursula von der Leyen.

The series of interconnected legislative proposals aim to align climate, energy and transport policies with the targets agreed in the  European Climate Law, translating climate goals into concrete action. These include:

Application of emissions trading to new sectors and a tightening of the existing EU Emissions Trading System
Increased use of renewable energy and greater energy efficiency
A faster roll-out of low emission transport modes and the infrastructure and fuels to support them
An alignment of taxation policies with the European Green Deal objectives
Measures to prevent carbon leakage and tools to preserve and grow our natural carbon sinks.
These measures will in turn stimulate climate innovation on the ground, supported by key initiatives such as the EU’s Green Deal or the EIT Climate-KIC Deep Demonstrations – with policy being a key lever to achieve systems transition and transform our economies and societies for a fair, green and prosperous future.

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