a limited role for high-quality international credits beginning in 2036 
domestic permanent removals in the European Union’s emissions trading system 
enhanced flexibilities across sectors to assist in affordably and fairly achieving targets, including by permitting a member state to compensate for the struggling land use sector by overachieving on waste and transport emission reduction 

Objectives

According to the commission, the proposed 2040 climate target seeks to: 


give investors and businesses the predictability, stability, and certainty they need in the EU’s clean energy transition 
promote investment in innovation 
generate more jobs 
fortify the industrial leadership of the EU’s businesses 
improve the EU’s energy security and resilience to climate change impacts 
set a foundation for the EU’s post-2030 climate and energy legislation 
aim for a competitive European industry 
level the playing field with international partners 
achieve a fair and just transition that leaves nobody behind 

The commission added that the planned change aims to help the EU become more energy-independent, lay out a flexible path toward achieving its target of cutting net GHG emissions by at least 55 percent by 2030, and reaffirm its commitment toward decarbonization. 

“Today we show that we stand firmly by our commitment to decarbonise European economy by 2050,” said Ursula von der Leyen, commission president, in the press release. “The goal is clear, the journey is pragmatic and realistic.” 

In its news release, the commission shared that the EU is well on its way to achieving its 2030 climate target. The commission added that its planned 2040 climate target is aligned with and based on: 


an in-depth impact assessment 
the present economic, security, and geopolitical landscape 
national specificities 
the guiding principles of cost-effectiveness, simplicity, and efficiency, as well as technological neutrality 
the EU Competitiveness Compass, Clean Industrial Deal and Affordable Energy Action Plan 
advice from the Intergovernmental Panel on Climate Change and the European Scientific Advisory Board on Climate Change 
consultations with member states, the European Parliament, stakeholders, civil society, and citizens 

“As European citizens increasingly feel the impact of climate change, they expect Europe to act,” von der Leyen said in the commission’s press release. “Industry and investors look to us to set a predictable direction of travel.”Â