The EU’s Big Hairy Climate Goal & What's Standing in the Way
The EU needs to cut emissions by 90% by 2040, but it has to get past elections, farmers and Chinese labor first
Hi everyone,
There’s little that intimidates me more than EU policy, but the European Commission’s important new recommendation to dramatically accelerate emissions reduction means it’s time for a brief transatlantic detour.
A new report by the European Commission, the EU’s main executive body, recommends that the EU should cut its net emissions to 90% below 1990 levels by 2040, made up of an 850M tonne reduction in carbon emissions plus a 4M tonne removal of CO2e using a variety of carbon removal methods. The recommendation calls for a frontloading of transition activities, with a heavy emphasis on broader, faster deployment of renewables, especially wind and solar.
The Commission has come out with this recommendation because the EU’s current trajectory isn’t on track to hit net zero by 2050 — in fact, it’s pretty far off, with a projected 64% emissions reduction by 2050.
But, a faster, bigger climate transition in Europe is a facing a handful of major obstacles that could shape the climate money dynamic in Europe, and the world, for years to come.
In this week’s Climate Money episode, we’ll talk about:
How Europe’s upcoming parliamentary elections will impact climate policy’s journey from dream to reality
The threat and promise of Chinese solar to Europe’s decarbonization industry and goals
And why European agriculture is getting a pass
In case you missed last week’s episode, where we talk about climate deniers, the mental models that do — and don’t — fuel their skepticism, and what it has to do with climate money, plus Singapore’s new Halal ruling, you can listen here.
This week, I also call out a couple of listeners who offered precious feedback on recent stories (thank you!), and present some updated insights on Kenya’s carbon play. I’m grateful to folks who’ve taken their time to share ideas and comments, and always welcome more.
See you next week 👋