Brussels has laid out the path to the EU becoming the world’s first economic bloc to hit net zero greenhouse gas emissions by 2050 in an attempt to limit global warming.The EU’s approach to the mammoth task of ending the economic reliance on fossil fuels involves three big policy levers: tougher regulation and emissions standards for industry; carbon pricing and taxes on polluters; and rules to promote investment in low-emissions technology.
Brussels hopes the blitz of measures will ensure the 27-country bloc can reduce average emissions by 55 per cent by 2030, falling to net zero by 2050.The EU has so far cut emissions by 24 per cent from 1990 levels, but will now take aim at some of the bigger sources, including power plants, factories, cars, planes, shipping and heating systems.
Here’s a breakdown of the new policies.
Carbon pricing
The centrepiece of the EU’s bid to sharply reduce emissions across the economy is a revamp of the bloc’s carbon market, known as the Emissions Trading System.