Last week, the European Commission published its hotly anticipated ‘Fit for 55’ package, intended to help the EU achieve at least 55% emissions reduction by 2030, on its way to climate neutrality by 2050. With 13 legislative proposals, totaling over 3,500 pages, the package covers everything from the use of land and forestry and the EU emissions trading system (ETS), to changes to carbon pricing — including for the first time on some imports — and new CO2 emission reduction targets for the car industry.
Eyebrows have been raised with regards to the burden placed on the consumer, compared to businesses, with different regions and households likely to be affected in unequal measures. In order to combat this, the European Commission will propose a new Climate Action Social Facility. But there are still question marks on whether these necessarily more ambitious climate measures strike the right balance between taxpayers and industry.
Join us to discuss the implications of the proposed package, the challenges that lie ahead and whether the Fit for 55 package is really fit for purpose?