Ahead of his hearing with MEPs, scheduled for 7 November, the Directorate-General for Climate Action (DG CLIMA) has produced a preparatory document containing detailed answers to MEPs’ written questions, in order to provide guidance to the Commissioner-designate for Climate, Net Zero and Clean Growth, Wopke Hoekstra.
In response to questions about the feasibility of the target of a 90% net reduction in greenhouse gas (GHG) emissions by 2040, the European Commission points out that this target is based on the IPCC’s recommendations and that it is crucial in providing the necessary predictability for investors. Delaying this ambition would compromise the EU’s credibility, while increasing the economic risks associated with climate inaction.
Even before the 2040 target, MEPs are questioning whether the EU will be able to meet its 2030 climate targets. According to DG CLIMA, initial data shows that the Member States’ national plans will only enable a 51% reduction in emissions by 2030, or 4% below the target set.
Mr. Hoekstra should call on all lagging Member States (13 countries) to finalize their plans quickly, as the deadline has been set for June 30 (EUROPE 13506/18).
In financial terms, the document points to the massive investment needed to achieve the climate objectives. Between 2031 and 2050, around €660 billion a year will reportedly be invested in the EU’s energy system, in particular to modernise infrastructure, improve energy efficiency and promote renewable energies. In addition, €870 billion will be needed in the transport sector to speed up the replacement of polluting vehicles with clean solutions, such as electricity and hydrogen. These investments, although colossal, are considered essential to avoid even higher costs linked to uncontrolled climate impacts.
With regard to adaptation to climate risks, the European Commission refers to the European Climate Risk Assessment (EUCRA) to help decision-makers better assess climate vulnerabilities. A second version of this tool is planned, and the Commission wants these assessments to become regular in order to guide policy. Finally, although the creation of an adaptation fund is not yet envisaged, the optimal use of existing financial instruments, such as the Solidarity Fund and the Just Transition Fund, is recommended.
On the phase-out of fossil fuels, Wopke Hoekstra is expected to reiterate the EU’s commitment to eliminating them by 2050. DG CLIMA stresses that this transition is supported by massive investment in renewable energies and the diversification of supply sources in order to guarantee Europe’s energy security.
Renewable hydrogen therefore appears to be an essential lever for decarbonising European industry. The Commissioner-designate’s argument is based on the fact that the EU has already allocated considerable funding through the Innovation Fund, which invests in green hydrogen technologies. DG CLIMA advises reiterating that the EU’s main focus is on supporting renewable hydrogen, in line with the Renewable Energy Directive.
Low-carbon hydrogen, derived from nuclear or fossil fuels, could be considered with caution, but the priority objective remains the promotion of green hydrogen as part of Europe’s energy transition.
To see the document: https://aeur.eu/f/dyl (Original version in French by Nithya Paquiry)