FT, BETTING ON A BIDEN WIN, HAILS EU 55% CARBON REDUCTION TARGET

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17 september 2020

Opinion The FT View
EU climate target is ambitious but feasible

There is appetite among investors to help cut emissions by 55 per cent

Financial Times editorial board, September 17, 2020

Ambitious, achievable, beneficial. That was how Ursula von der Leyen described her new 2030 climate target plan in her State of the Union speech to the European parliament on Wednesday. The European Commission president is proposing the EU reduce its greenhouse gas emissions by at least 55 per cent by 2030 from 1990 levels, instead of the 40 per cent cut agreed six years ago, before the Paris agreement. The target would be written into EU law and made binding on the bloc’s 27 member states.

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Europe cannot carry the burden of emissions reductions alone, but neither can it afford to wait for others to move. It can hope that the US will return to the Paris agreement after November’s election. Setting an achievable but stretching target would bolster the EU’s credibility in dealing with a new administration.

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[T]here are plenty of reasons to believe the target is feasible. Europe has the technology. There is huge appetite among investors and many business are forging ahead. National and EU stimulus money is suddenly available to fund green projects. There may be no better moment to reboot the European economy.

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