EU Unveils Climate Targets for 2040

The European Commission released a communication outlining the EU’s climate targets for 2040, likely to inform discussions among EU lawmakers and potentially lead to a legal proposal in the next European Commission. Walburga Hemetsberger, CEO of SolarPower Europe has issued the following statement in relation to this development:

“The European Commission has set a positive direction for the continent’s climate and energy security goals.

We wholeheartedly support the scenario which targets a 90% reduction in emissions by 2040. It is the only pathway to deliver legally binding Paris Agreement climate commitments. Critically, it will also support the continent’s competitiveness and energy security goals, as we phase out the volatility of fossil fuels and develop new green industries.

It is a relief to see the serious commitment that fossil fuel consumption will steeply decline, supported by rapid electrification. We hope to see this message carry through in a dedicated Electrification Act.

Importantly, the proposal also considers the investment agenda, which recognises the need for scaling up private and public funding such as the Innovation Fund, and the end of fossil fuels subsidies.

While there is notable recognition of the role of renewables as the major contributors to the energy transition, our projections show that renewables and storage can deliver even more for the energy system. Relying costly, time-intensive, and unproven low-carbon technologies risks diverting us from more efficient, readily available solutions. A fully renewable energy system by 2040 is within reach and should be Europe’s clear focus.”