The European Commission has started the process – including a public consultation - to revise the EU 2030 climate target with the view of proposing a cut in greenhouse gas emissions (GHG) of at least 50% to 55% from 1990 levels, compared to the existing target of at least 40% reduction.
Fortum supports increasing the 2030 GHG reduction target to 50-55% and proposes the reinforced and extended emissions trading system (ETS) to take the main responsibility for the increased emissions reduction effort. A more ambitious 2030 target should be accompanied by the most cost-efficient policy measures, and overlapping policies should be avoided. The emissions reduction target alone should drive low-carbon investments after 2030.
The 2030 target setting should also take into account carbon removals and negative emissions that will be important to reach the tightening targets. Carbon removals and negative emissions should be integrated into EU climate legislation giving incentives for the deployment of these technologies.