The incoming EU mandate will oversee the critical period leading up to Europe's Fit for 55% 2030 target. We call on policymakers to accelerate its transition to a competitive, energy-secure and climate-neutral economy.
5 June 2024
Substantial progress has been made during the last five years, putting in place the foundations and frameworks to support the goals of the European Green Deal. Now we need to go further and faster to keep the EU on track to achieve its ambitious target of 55% emissions reduction by 2030.
Additional investments of over EUR 400 billion annually are needed to stay on track to meet the EU’s 2030 climate goals, while the share of renewable energy will need to triple. If the 2019-2024 mandate set the vision and laid the foundations of the European Green Deal, then the 2024-2029 mandate must double down on implementing the policies that underpin it.
Scaling investment
The next EU leadership needs to pursue climate and industrial competitiveness objectives in tandem, focusing on policy to scale investment in climate solutions and bolster the EU’s climate resilience. Delivery against short and medium-term policy goals must be complemented by a commitment to uphold long-term ambition through a credible and science-based 2040 target.
IIGCC has worked with our investor members on two key considerations:
- Identifying the barriers that currently exist to the creation and pursuit of bold and proactive climate targets
- Determining key policy recommendations for the next EU political cycle
Investors recognise the key role they have in mobilising private capital for Europe’s transition and stand ready to support the EU institutions in delivering these vital objectives. We call on policymakers to accelerate Europe’s transition to a competitive, energy-secure, resilient, and climate-neutral economy across five key areas:
- Reinforce the EU’s path to 2050 climate neutrality
- Drive climate action through industrial competitiveness
- Increase Europe’s adaptation and resilience to growing climate impacts
- Ensure a nature positive transition to net zero
- Enable financial flows towards the net zero transition
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