The European Commission recently proposed a 90% reduction in greenhouse gas emissions by 2040, compared to 1990. For Brussels, this is considered a fundamental step towards achieving the goal, set for 2050, of Europe becoming the first continent with a climate-neutral impact. However, with just over 25 years to go, much remains to be done

Racing against time, the European Commission has adopted a set of proposals to adjust European policies in the fields of climate, energy, transport and taxation in order to reduce net greenhouse gas emissions by at least 55 % by 2030, compared to 1990 levels.

On the other hand, within the framework of the European Green Deal, the European Union (EU) has recently raised the level of European targets for the use of renewable energies and the improvement of energy efficiency, hoping in this way to assume world leadership in the transition to clean energies.

By 2030, renewable energy sources will have to account for at least 42.5% of the EU's energy mix, with the target set at around 45%. The EU has also committed to improving energy efficiency by 11.7% over the current decade.

According to figures released by the European Commission, fossil fuel imports will represent more than 4% of the European Union's Gross Domestic Product (GDP) in 2022. This figure has been heavily influenced by Russia's war against Ukraine and the EU's increased dependence on more supplies from third countries. On the other hand, Brussels estimates that in the last five years, the economic damage caused by the effects of climate change may have amounted to 170 billion euros.

Read the full article here by Nuno Gama Pinto, Lecturer at ISCTE Executive Education and Member of the GRACE Advisory Board