The European Commission is seeking public feedback on its upcoming proposals, which include setting an emissions-reduction goal for the next decade and deciding the role of its carbon market, as reported by Bloomberg on April 1. These proposals aim to facilitate the EU’s climate goals of reducing carbon emissions by at least 55% from 1990 levels by 2030 and achieving net zero by 2050. The commission stated that cutting emissions by 75% to 80% in the next decade would follow the average course between 2030 and climate neutrality in 2050, while a reduction of over 90% would signify “a very high ambition, close to reaching climate neutrality already in 2040”. The public consultation will end on June 23, then the commission would release a climate roadmap for the next decade in 1Q24. 

The European Commission revealed that it is considering various options for the evolution of the EU Emissions Trading System (ETS), which covers around 45% of the bloc’s greenhouse gas emissions. The options include expanding the ETS to new sectors, potentially covering all fossil-fuel uses and accounting for carbon capture technologies. The commission also stressed the importance of removing carbon dioxide from the environment and asked for views on cutting emissions from agriculture, such as imposing a carbon tax on these gases. In February 2023, the commission also published new emissions regulations on road transport, requiring trucks and coaches in the EU to cut emissions to near net zero by 2040. Road transport accounts for one fifth of the EU’s total emissions. 

Sources:

https://www.bloomberg.com/news/articles/2023-03-31/eu-starts-planning-for-2040-goals-on-way-to-climate-neutrality?srnd=green#xj4y7vzkg

https://www.bloomberg.com/news/articles/2022-12-18/europe-reaches-deal-to-bolster-carbon-market-in-green-deal-push#xj4y7vzkg

https://www.ft.com/content/471da90c-801d-4d84-9def-ae3e35f822c6

https://en.wikipedia.org/wiki/European_Union_Emissions_Trading_System