EUROFER commented on the announced climate target
The European Commission has recommended that the EU reduces net greenhouse gas emissions by 90% by 2040 (compared to 1990 levels). This is reported on the institution's website.
The EC has also outlined the measures necessary to achieve this objective. In particular, it refers to the need to fully implement the agreed EU framework to reduce emissions by at least 55% by 2030 and decarbonize industry building on existing advantages (wind energy, hydropower and electrolysers). To boost the latter, the European Commission, among other things, has proposed new measures to regulate carbon emissions from industry in the EU, which include investments in technologies that capture and store CO2 and reuse it.
“The 2040 climate target will also help European industry, investors, citizens and governments to make decisions this decade that will help the EU achieve its goal of climate neutrality in 2050,” the EC said.
The recommended climate target will be discussed with the European Parliament and Member States, and the next European Commission will present legislative proposals on this basis.
According to Axel Eggert CEO of the European Steel Association (EUROFER), EU steel producers support the bloc's goal of climate neutrality by 2050. The industry has launched more than 60 projects that, if effectively supported, will guarantee significant reductions. emissions by 2030.
“The EU-wide target of 90% by 2040 means the almost complete decarbonization of energy-intensive industries such as steel. In the absence of adequate enabling conditions and a sharp increase in investment required for the transition, such a target calls into question the economic and technical viability of EU climate policy and its interaction with other policies such as energy, trade and the competition. This could contribute to deindustrialization, thus undermining the EU's resilience and strategic autonomy,” he emphasized.
The association believes that climate ambitions must be achieved through innovation and investment in Europe.
EUROFER has once again called on the EU to guarantee access to clean electricity and hydrogen in unprecedented quantities, as well as the necessary raw and secondary materials. Furthermore, the organization emphasized that a strong trade policy is needed to create a level playing field with other regions that do not share the same climate ambitions, including an effective Global Agreement on Sustainable Steel and Aluminum Production.
As previously reported by Compraço, in the second quarter of 2023, the European Union reduced greenhouse gas emissions by 5.3% compared to the same period in 2022, to 821 million tons (CO 2 equivalent). During the same period, EU GDP remained stable, registering a slight fluctuation (+0.05% per year).
