EU Parliament calls for higher 2030 targets, aiming for carbon neutrality by 2050

Source: Heren

2019/03/22

This analysis has originally been published for ICIS EU carbon subscribers on 14 March at 15:30 CET.

Main points

  • The EU Parliament adopted a resolution on 14 March 2019, outlining its long-term climate strategy position
  • The non-binding resolution urges EU lawmakers to push for carbon neutrality by 2050 and to increase the EU’s 2030 reduction target to -55%
  • In November 2018, The European Commission outlined eight potential emission reduction scenarios towards 2050 in its strategic long-term vision

Analysis

  • The resolution is non-binding, its purpose is to highlight the parliaments position towards the EU long-term climate strategy
    • Member parties to the Paris Agreement aim to adopt and submit long-term climate strategies by 2020
  • In August 2018, German chancellor Angela Merkel expressed her opposition to a raised 2030 target, putting breaks on a potential debate in the EU Council
  • With the EU elections coming up in May this year, it remains to be seen if the new parliament composition still backs the aim for carbon neutrality by 2050 and raised ambition towards 2030
  • Historically, the EU has always been an ambitious party within the Paris Agreement
    • In that context, carbon neutrality by 2050 could be on the table
    • This however does not necessarily translate into raised 2030 targets in the short to medium term
    • Another option beyond a new legislative procedure to raise the 2030 target would be the Market Stability Reserve (MSR) review in 2021

Sebastian Rilling is Student Analyst – EU Power & Carbon Analytics. He can be reached at Sebastian.Rilling@icis.com

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