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Feb. 16, 2021
In 2015, the Paris Agreement set an ambitious global target to limit the increase in global temperature to less than 1.5°C above pre-industrial levels. The European Union (EU) is the first powerful economic bloc to respond by unveiling the Green Deal, the roadmap for transforming the EU into a fair and prosperous society with no net emissions of greenhouse gases by 2050.
Image from the AmCham EU – American Businesses in Europe
Released in December 2019, the Green Deal (GD) is actually a 27-page document that sets out the timetable for the tasks of the Commission and its members to reduce greenhouse gas emissions by 50 to 55% in 2030 and then achieve climate neutrality by 2050. Various sectors that have a negative impact on the environment will be subject to an in-depth review. Agriculture, transport, mobility, energy, industry, food and other key sectors in the ecological transition are subject to a clear strategy and part of a systemic approach to integrate the objective of prosperity with an environmental objective.
The means deployed by the EU are equal to the task. The EU will deploy a minimum of 1000 billion euros. A sum that will be massively injected into European private and public sector initiatives that support the transition to a sustainable and resource-independent system. A significant part of the budget will also be used to support innovation, research and allow a fair transition for people dependent on polluting activities. With the invested budget, the EU would like to develop a resource-independent green economy.
To ensure the proper implementation of the GD, the union unveiled the climate law in March 2020. The climate law sets the legal framework for the GD by setting out, among other things, the mandatory monitoring measures to which members will be subject, as well as the obligations to integrate the GD objectives into all member states’ policies and initiatives. The Climate Act is in addition to pre-existing initiatives inherent to the GD, such as the European Trade System (ETS), which already limits the emissions of major greenhouse gas producers on the European continent. Finally, the GD also addresses the EU’s global strategy to become a world leader in terms of climate initiatives. In order to achieve the objectives set by the Paris agreement and to avoid a simple relocation of emissions, the EU is working with other global players. Since the emergence of the green deal, other ambitious climate projects have emerged such as the American Green New Deal or China’s Great Green Reset.
The EU is dependent on its size and complexity resulting in many inconsistencies and greatly slowing down the implementation process. Although criticized, GD confirms Europe’s intention to significantly reduce its impact on the environment. In this context, many companies and organizations will have to review their operating methods in order to compensate but above all to reduce their greenhouse gas emissions. Tapio’s Carbon Strategy Platform provides a simple, accessible and enjoyable way for companies to be in line with Europe’s objectives and to become a positive actor of change.