Home Culture Climate Cult Facing Resistance in EU

The European Union’s Climate Cult and their journey to so-called carbon neutrality by 2050 faces another critical juncture: setting its climate target for 2040. This intermediate goal, a stepping stone on the path to net-zero, is sparking fervent debate and growing opposition.

With the first milestone of a 55% emissions reduction by 2030 already established, the 27 member states now grapple with the next phase. Environment ministers launched discussions Monday, paving the way for the European Commission’s impact assessment reports on various target scenarios in February.

These developments will set the stage for the next EU Commission and Parliament, elected in June, to solidify their positions. A formal EU proposal is expected later in 2024.

The current climate commissioner, Wopke Hoekstra, advocates for a “at least 90%” net emissions reduction by 2040. European Parliament’s environment committee chair Pascal Canfin echoes this ambition, while acknowledging the difficulty of exceeding it. The European Scientific Advisory Board on Climate Change has urged even steeper cuts of 90-95%, emphasizing drastic transformations in energy production, reliance on renewables, and reduced consumption.

However, opposition is brewing. Several governments and conservative lawmakers call for a pause in environmental legislation, fueled partly by the powerful agricultural lobby.

Despite the resistance, Hoekstra insists that tackling climate change is non-negotiable, citing the urgency of the unfolding environmental crisis.

The nitty-gritty of implementing these targets is where things get contentious. NGOs, think tanks, and research groups urge for holistic emission cuts, enhanced carbon sinks (like forests), and carbon capture technologies. They warn against relying solely on “net” reductions via offsets, as this could slow down actual emission reduction efforts.

However, Canfin recognizes the need for “all solutions”, considering some emissions are unavoidable. Steel industry representatives also express concerns, highlighting the immense challenges of a 90% target for energy-intensive sectors.

The EU’s 2040 climate target is far from settled. Navigating the competing interests, scientific demands, and practical considerations will be a complex balancing act. The coming months will be crucial in defining the bloc’s climate trajectory and its commitment to a carbon-neutral future.

Shayne Heffernan

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.