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.
