Advancements in Carbon Reduction Activities in Europe (August 26, 2024 – September 01, 2024)
This report provides a detailed overview of the advancements in carbon reduction activities in Europe announced between August 26, 2024, and September 01, 2024. The information is compiled from various credible sources to present an objective and comprehensive analysis.
1. EU’s 2040 Climate Target
On February 2024, the European Commission presented its assessment for a 2040 climate target for the EU, recommending a reduction in net greenhouse gas emissions by 90% by 2040 relative to 1990 levels. This target is part of the broader European Green Deal, aiming for climate neutrality by 2050.
The 2040 target will shape the EU’s path post-2030, ensuring the continuation of efforts to tackle climate change. The proposal follows a public consultation and is based on a detailed impact assessment and advice from the European Scientific Advisory Board on Climate Change.
Source: European Commission
2. Carbon Removals and Carbon Farming Certification Regulation
On April 10, 2024, the European Parliament adopted the provisional agreement on the Carbon Removals and Carbon Farming (CRCF) Regulation. This regulation establishes the first EU-wide voluntary framework for certifying carbon removals, carbon farming, and carbon storage in products across Europe.
The CRCF Regulation sets EU quality criteria and monitoring and reporting processes, facilitating investment in innovative carbon removal technologies and sustainable carbon farming solutions while addressing greenwashing.
Source: European Commission
3. Carbon Capture Global Summit 2024
The Carbon Capture Global Summit 2024, scheduled for September 3-4 at the QEII Centre in London, is a premier global gathering dedicated to advancing net zero goals through Carbon Capture, Utilization & Storage (CCUS) technology. The summit aims to foster international collaboration by bringing together policymakers, industry leaders, and investors to discuss global CCUS strategies, policy frameworks, financial incentives, supply chain development, and technological innovation.
Source: Eurogas
4. State of CO2 Removal Report 2024
The second “State of CDR” report, led by a collaboration of scientific institutions from Europe and the US, summarizes the current status of CO2 removal from the atmosphere. The report covers various methods, impacts, readiness, and costs associated with carbon dioxide removal (CDR).
The report emphasizes the need for countries to cut emissions as fast as possible to reach climate goals and provides data on the tonnes of CO2 currently being removed and stored, as well as developments in research grants, policies, and media coverage.
Source: Carbon Brief
5. Europe’s Climate Leaders 2024
Europe’s Climate Leaders 2024 is a list of 600 European companies that have achieved the greatest reduction in their greenhouse gas (GHG) emissions intensity and made further climate-related commitments. The list combines two factors: the reduction in GHG emissions intensity between 2017 and 2022 and the extent of climate-related commitments.
The companies are scored based on their transparency and extent of Scope 3 emissions reporting, reduction in absolute Scope 1 and 2 emissions, and commitment to net zero and collaboration with CDP and SBTi.
Source: Financial Times
6. EU’s Fit-for-55 Package
The Fit-for-55 package, part of the European Green Deal, aims to reduce the EU’s greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels. The package includes several regulations and directives, such as the Regulation on the deployment of alternative fuels infrastructure and the Regulation on the use of renewable and low-carbon fuels in maritime transport.
The package also includes measures to boost energy savings, increase renewable energy, and create a Carbon Border Adjustment Mechanism to apply a carbon levy on imports of certain goods from outside the EU.
Source: European Parliament
7. World Energy Investment 2024 Report
The International Energy Agency (IEA) released the World Energy Investment 2024 report, highlighting the rise in clean energy investment in the European Union. The report notes that investment in power grids rose by more than 20% in 2023, reflecting the need for more grid interconnection to facilitate power flows to central European markets.
The report also mentions ongoing growth in oil and gas investments, with significant investment in liquified natural gas (LNG) to switch away from Russian gas.
Source: International Energy Agency
Conclusion
The period between August 26, 2024, and September 01, 2024, saw significant advancements in carbon reduction activities in Europe. These include the adoption of new regulations, international summits, and comprehensive reports that collectively aim to reduce greenhouse gas emissions and promote sustainable practices. The European Union continues to lead global efforts in tackling climate change through ambitious targets and innovative solutions.
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