European climate law: moving the EU towards climate neutrality

Today, the European Commission published its proposal for a binding objective for EU climate neutrality by 2050. The proposed European climate law is an important step to further organise actions towards the EU’s climate neutrality objective. European business supports the EU’s climate neutrality ambition by around mid-century and believes it’s crucial that politicians focus on “how” to get there. Europe has a big investment gap of EUR 260-270 billion per year to even reach its existing 2030 climate targets.

BusinessEurope Director General Markus J. Beyrer said:  “The question is not about whether this deep societal transformation is needed – on this we all agree. The key question is about how to get there in an economically and socially feasible manner. All critical aspects must now be addressed: from technological needs and public acceptance to investment conditions and the risk of carbon and investment leakage. For all this we need proper impact assessments, not only for the EU as a whole but also for its member states. European business has already contributed significantly to reducing greenhouse gas emissions and is committed to accelerating this transition.”

BusinessEurope published its energy and climate strategy paper last year. It highlights essential steps and conditions Europe urgently needs to address to reach the climate neutrality objective.

We will now properly assess the European Commission’s proposal and, where necessary, provide further comments.