Europe launches massive economic overhaul with new climate target by Bloomberg

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(Bloomberg) – The EU executive has proposed toughening the EU’s emissions targets in a move that will force industry to face stricter pollution standards and aims to spur economic recovery green.

The 27-country bloc is expected to tighten its emissions reduction target to at least 55% by 2030, European Commission President Ursula von der Leyen told Members of the European Parliament in a key political speech on Wednesday. The current target, agreed just six years ago, is a 40% reduction from 1990 levels.

“I agree that this increase from 40% to 55% is too much for some, and not enough for others,” said von der Leyen. “But our impact assessment clearly shows that our economy and our industry can handle this.”

Von der Leyen is aiming to refocus the bloc on its long-term goals after the executive was blinded by the coronavirus in his first months at the helm. The pandemic has given the 61-year-old German a chance to accelerate her plans to make her European Green Deal the engine of economic recovery as governments mobilize unprecedented amounts of public money for the reconstruction effort .

As part of the new climate target for 2030, European carmakers are expected to adopt stricter pollution standards with new rules that could cause combustion engines to shut down altogether. Energy will become increasingly cleaner, with an additional 350 billion euros ($ 415 billion) per year needed to invest in production and infrastructure, according to a draft document seen by Bloomberg News.

A more ambitious climate target for 2030 is likely to garner broad support from national governments and the European Parliament.

If approved by national governments and the European Parliament, the new target will require buildings to become more energy efficient and businesses will face tighter pollution caps in the EU market, the biggest of the world.

The proposal is an addition to a key climate law that will form the legal basis for the European Green Deal, a comprehensive strategy for Europe aimed at eliminating greenhouse gases by 2050.

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