What is ‘Fit for 55’ package?

The European Commission on July 14, 2021 unveiled its so-called ‘Fit for 55’ package of revised climate and energy laws – aiming to align key EU policies with the new 55-percent net-emissions reduction by 2030.

The ‘Fit for 55’ package has following proposals:

  • A Carbon Border Adjustment Mechanism will impose duties on foreign companies, and so increase the price of certain goods, notably steel, aluminum, concrete and fertilizer.
  • The commission has proposed to set up a social climate fund worth several billion euros to help those who might be hardest hit due to rising energy prices.
  • There will be effective ban on the sale of new petrol and diesel cars from 2035.
  • The package proposes to increase renewables share in energy mix to 40% by 2030.
  • For shipping, a new legislative proposal is expected to introduce “greenhouse gas intensity targets”, which would increase gradually.

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