EC Tax Review
Volume 33, Issue 5 (2024) pp. 180 – 184

https://doi.org/10.54648/ecta2024020

Abstract

The first-ever global stocktake of what has been achieved and what still must be achieved since the 2015 Paris Agreement on climate change shows that we are not on track to meet the target of limiting global temperature increase in 2050 to 1.5°C above preindustrial levels. Although the EU CBAM is still in its transitional stage and the proposal for a substantial revision of the EU ETD is the only file of the ‘Fit for 55’ package that has not yet been adopted, the EU is one of the better performers on the road to the netzero CO2 emissions target for 2050. In 2023, COP28 has set a new ambitious target for greenhouse gas reductions by 2030. However, the geopolitical situation has dramatically changed by the wars in Ukraine and Gaza. The implications for the energy transition from fossil to renewable sources may make the already bumpy road to carbon neutrality even more bumpy than ever.

Extract