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Updating the bloc’s carbon pricing to increase the cost of fossil fuel emissions across the board through actions like creating a carbon market for heating and fuel and taxing aviation and shipping fuel
Funneling some of that carbon cost money back into helping people most impacted by the resulting price changes
Implementing a carbon border tax so that the emissions cost of goods produced beyond the EU’s borders is reflected in their prices
Requiring nearly 40% of all electricity be from renewable sources by 2030
Ending the sale of gas and diesel cars by 2035
Why This Matters: The Fit for 55 measures take climate goals and turn them into specific action items. The EU’s climate neutrality pledge is part of the 75% of the world’s GDP covered by such promises. But a pledge is only as good as the follow-up. As European Commission, President Ursula von der Leyen put it, “We already have the goals. We have a climate law which is underpinned by investment. With this proposal, we have the road map.” With the upcoming UN Climate COP26 in Glasgow, the EU road map is also a challenge to the rest of the world to take on the climate crisis with concrete plans.
What’s Next: While the road map is there, a two-year negotiation process lies ahead between industry, EU countries and the European Parliament (that’s the directly legislated elected body — the EU Commission, which introduced the package, is the politically independent executive branch led by von der Leyen). It remains to be seen what will emerge on the other side of the negotiations, and we’ll be two years farther along in the unfolding climate crisis.
While this plan is certainly more ambitious than that of the US or China — who have more in the pledge category than the plan category — Climate Action Tracker still rates the strategy “insufficient” and assesses the EU should be aiming for a 65% reduction by 2030 to hit Paris Agreement targets. The bloc produces about 8% of emissions globally, but historic emissions put it among the world’s highest.
By Amy Lupica, ODP Daily Editor Atmospheric carbon dioxide levels have hit a three-million-year high, according to a World Meteorological Organization (WMO) report published yesterday. Despite a brief dip in emissions in 2020 due to the COVID-19 pandemic, the overall trend of increasing emissions continues, indicating last year’s dip had little to no impact on […]
By Natasha Lasky, ODP Staff Writer A report in the Dasgupta Review shows that by using a fiscal lens to view Earth’s growing biodiversity loss, we can see how it links to economic development. By viewing nature as an asset like “produced capital (roads, buildings and factories)” or “human capital (health, knowledge and skills)” — […]
By Natasha Lasky, ODP Staff Writer While coal use is a leading source of greenhouse gas emissions, another industry is set to outpace it: plastic. A new report from Bennington College and Beyond Plastics estimates the plastic industry emits over 232 million tons of greenhouse gases each year, the equivalent of 116 coal-fired power plants. […]
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