Fit for 55: How to deliver ambitious climate targets while protecting consumers?

The EU Commission “Fit for 55” places Europe as the global leader on climate ambition. The EC package has charted a path to reach further decarbonisation in 2030, with a special focus on decarbonising transport and buildings.

It also proposes ambitious targets for energy efficiency and renewables, all complemented with social measures to ensure the energy transition will be inclusive, leaving no one behind.

European gas prices have rocketed in the past months as tight gas supplies have coincided with strong demand in economies recovering from the COVID-19 pandemic. At the same time, gas storages have not recovered their usual seasonal levels. EU countries have already taken a range of measures to combat the impacts of rising energy costs, such as social schemes for low-income households and temporary tax breaks on electricity prices.

The negotiations on the “Fit for 55” package will be happening in the midst of high concerns about the impact that the current prices might have on vulnerable consumers and industry competitiveness.

Meeting the 55% goal also represents “a significant investment challenge” according to the European Commission, which warned that investments in clean energy will have to increase by “around €350 billion per year” in order to achieve the new 2030 objective.

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