Carbon Reduction Activities in Europe: November 2024
Executive Summary: The European Union has made significant strides in carbon reduction efforts, focusing on carbon removals and carbon farming. The EU has established a certification framework to ensure transparency and prevent greenwashing. Additionally, the EU is working towards ambitious climate targets for 2040 and 2050, with a focus on reducing net greenhouse gas emissions and enhancing carbon sequestration practices.
Introduction
Between November 4, 2024, and November 10, 2024, the European Union announced several initiatives aimed at reducing carbon emissions and enhancing carbon sequestration. These efforts are part of the EU’s broader strategy to achieve climate neutrality by 2050, as outlined in the European Green Deal.
EU Carbon Removals and Carbon Farming Certification
The European Parliament adopted the Carbon Removals and Carbon Farming (CRCF) Regulation, which establishes a voluntary framework for certifying carbon removals, carbon farming, and carbon storage in products across Europe. This regulation aims to facilitate investment in innovative carbon removal technologies and sustainable carbon farming solutions while addressing greenwashing concerns. The certification ensures that carbon removal activities are accurately measured and stored for as long as possible, benefiting biodiversity and other environmental goals.
Source: European Commission – Carbon Removals and Carbon Farming
Net-Zero Industry Act
In April 2024, the European Parliament approved the Net-Zero Industry Act, which aims to boost the EU’s capacity to capture, transport, and store carbon safely. The act sets a target for the EU to store at least 50 million tonnes of CO2 annually by 2030. This initiative is designed to alleviate administrative burdens and support innovation in the carbon capture and storage sector.
Source: European Parliament – Carbon Removals
2040 Climate Target
The European Commission has proposed a 2040 climate target to reduce net greenhouse gas emissions by 90% relative to 1990 levels. This target is part of the EU’s commitment to achieving climate neutrality by 2050. 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 – 2040 Climate Target
Conclusion
The European Union continues to lead global efforts in carbon reduction and climate change mitigation. Through initiatives like the CRCF Regulation, the Net-Zero Industry Act, and ambitious climate targets, the EU is setting a strong example for sustainable practices and environmental stewardship. These efforts are crucial for achieving the long-term goal of climate neutrality by 2050.
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