European Green Deal 2050 - a very deep line in the sand for climate change
Last month, the new president of the European Commission (EC) – Ursula von der Leyen – announced the European Green Deal. The plan outlines what it would take to make Europe the world’s first climate-neutral continent. It is an incredibly ambitious commitment. The headline target of the Green Deal increases the current 40% greenhouse gas (GHG) reduction by 2030 target, to 50-55%, and on to economy wide net-zero by 2050. But there are other critical elements to it. In this insight, we ask the following questions, and discuss potential outcomes: 1) Where Europe stands today? 2) Where the Green Deal will take Europe to? 3) What Europe needs to do to get there – and which key sectors are critical? 4) How the carbon border tax might work? 5) How to account for losses in government tax contributions? 6) How to pay for it? 7) How achievable it may be?