In 2020, the European Union submitted interim targets to reduce greenhouse gas emissions by at least 55 percent by 2030 compared with 1990 levels. In the longer term, it hopes to achieve net zero emissions by 2050.
On Wednesday, the European Union's new climate commissioner, Wopke Hoekstra, arrived with a new pledge. He wants to cut greenhouse gas emissions by 90 percent by 2040.
Hoekstra said it would act on the commission's recommendations and use all available tools to enable the EU to meet its minimum target of a net 90 per cent reduction in emissions and work to promote the industry.
However, Hoekstra's commitment is not legally binding at the moment, and an EU spokesman has said that the final decision will be taken jointly by EU member states, and the outcome is yet to be determined.
The European Commission will formally propose the 2040 climate target plan in the first quarter of next year and submit it to member states and the European Parliament for approval.
But Hoekstra won the support of Green members of the European Parliament, largely because he agreed with the European Commission's July opinion that the 2040 emissions reduction target should be between 90 and 95%.
High threshold
The target of a 90% cut in emissions by 2040 is certainly ambitious, and it is an example that the EU wants to set for developed countries.
According to the European Commission's Scientific Advisory Committee on Climate Change, the 90% target means that many sectors of the EU economy need to reach net zero or close to net zero in less than 17 years.
In 2040, electricity generation in Europe must meet net zero, which means that by 2030, the European energy system will no longer use coal. Without the installation of carbon capture equipment, the European energy system will also no longer use gas to generate electricity, and renewable energy sources will be responsible for 70-90% of the generation. In addition, the EU's oil imports will be reduced by 50-100%.
Europeans would also need to eat less meat to meet the target, the advisory committee said. By 2040, livestock demand will fall by 47-58%. This is a point that needs to be explored in greater depth by the Committee.
At the same time, financial analysts warn that if a 90 percent reduction in emissions is required by 2040, the EU carbon price will rise to more than 400 euros by 2040, almost five times the current price.
The London Stock Exchange said that under the 90% decarbonization target, the power, manufacturing, transport and construction sectors would be close to full decarbonization, and the EU emissions trading system would be significantly different from today.
Paula VanLaningham, director of carbon research at the exchange, also pointed out that the carbon price of 400 euros per meal is not a decarbonization cost, but a potential cost to companies that fail to decarbonize in this scenario.