The “Fit for 55” set of proposals has received approval from the European Parliament.
Concerning the 55 Package
- The EU’s goal to cut net greenhouse gas emissions by at least 55% by 2030 is known as “Fit for 55.”
- The proposed package tries to align EU law with the 2030 objective.
- In accordance with the European Climate Law, it intends to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels.
Framework for achieving EU climate goals:
- Aviation is fully integrated into the emissions trading system in the EU, and it has been expanded to include emissions from shipping.
- Additionally, it requires large polluters and electricity producers to reduce their pollution by 62 percent by 2030.
- creates a parallel carbon market that, starting in 2027, will include fossil fuels used to run vehicles and heat buildings.
- Social Climate Fund: To assist governments in easing the impact of price increases on disadvantaged consumers. Starting in 2026, the fund will be made available.
- It created the Carbon Border Adjustment Mechanism, the first carbon border tax in history, in an effort to protect EU businesses from being undercut by nations with laxer environmental regulations.