To meet the goals of the Paris Agreement, the European Union needs to achieve net zero greenhouse gas emissions by 2040. EU funds must support the decarbonization of all sectors by developing zero-carbon processes and products, enable the just transition, establish a genuine circular economy and foster a transition towards sustainable food systems.
EU funds should contribute to structural economic transformation with the aim to:
- reduce all greenhouse gas emissions by at least 65% by 2030, as compared to 1990;
- reduce greenhouse gas emissions and increase natural carbon removals so as to achieve
climate neutrality by 2040;
- phase out all coal power plants by 2030;
- source 100% all of all energy from renewable sources;
- phase out the use of all fossil fuels by 2040;
- earmark 40% of the next EU budget for climate action.
The briefing is accessible here.