After the Russian invasion of Ukraine began on 24 February 2022, questions about energy independence in the EU and the various ways this could be achieved re-emerged.
While COP26 seems to have had lukewarm effects on the global approach towards more sustainable policies, a key takeaway is the promotion of market environmentalism.
Most countries are not on track to meet their promises made under the Paris Agreement, as impactful climate action is often hindered by the high costs of decarbonisation.
With the Clean Energy for All Europeans package, the European Union has committed to being carbon-neutral by 2050. In order to achieve this goal, the EU Commission and the Member States have agreed upon binding targets to be met by 2030: emissions of greenhouse gases (GHGs) shall be cut by at least 40 per cent below 1990 levels, renewable energies shall cover at least 32 per cent of final energy demand, and energy efficiency shall be improved by at least 32.5 per cent as compared to business-as-usual.
The new European Green Deal plans to make the EU carbon neutral by 2050 while opening up new possibilities for development and employment. The European Commission wants to send a strong message to the world on dealing with climate change, but a number of thorny issues will need to be tackled.