The European Commission has presented its plan to reduce EU greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. This level of ambition for the next decade will put the EU on a balanced pathway to reaching climate neutrality by 2050. The new target is based on a comprehensive Impact Assessment of the social, economic and environmental impacts. The Assessment demonstrates that this course of action is realistic and feasible. This raised ambition also underlines the EU's continued global leadership, ahead of the next UN climate conference (COP26).

To reach the new goal of 55%, the EU will have to further increase energy efficiency and the share of renewable energy. The assessment of Member States' National Energy and Climate Plans indicates that the share of renewable energy in the EU could reach 33.7% by 2030, going beyond the current target of at least 32%. Regarding energy efficiency, an ambition gap remains: at 2.8% for primary energy consumption and 3.1% for final energy consumption, compared to the target of at least 32.5%. To address this, the Commission will take action to:

●      Interconnect energy systems and better link/integrate renewable energy sources to the grid.

●      Promote innovative technologies and modern infrastructure.

●      Boost energy efficiency and eco-design of products.

●      Decarbonise the gas sector and promote smart integration across sectors.

●      Empower consumers and help Member States tackle energy poverty.

●      Increase cross-border and regional cooperation to better share clean energy sources.

●      Promote EU energy standards and technologies at global level.

●      Develop the full potential of Europe’s offshore wind energy.

The new 2030 climate target will help to focus Europe's economic recovery from the coronavirus pandemic. It will stimulate investments in a resource-efficient economy, promoting innovation in clean technology, fostering competitiveness and creating green jobs. Member States can draw on the €750 billion NextGenerationEU recovery fund and the EU's next long-term budget to make these investments in the green transition. To support the necessary investments, the Commission has also adopted the rules for a new EU Renewable Energy Financing Mechanism, to make it easier for Member States to work together to finance and deploy renewable energy projects.

This new mechanism will increase investment in our renewable energy production capacity, and contribute to the clean energy transition and the European Green Deal. It provides a new way for member states to reach their renewable energy targets – by contributing financially to a project in a different EU country or hosting a project funded by another member state.

For information on how B2EU Consulting could support your organisation in developing a funding strategy and in unlocking different financing tools for your operation in the green sector, please don’t hesitate to contact us at: info@b2eu-consulting.com.