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European Commission Releases New ‘Fit for 55’ Climate Package
15th July 2021
The European Commission has unveiled its latest climate package, ‘Fit for 55’, further paving the path to reduce emissions in the EU by at least 55% by 2030. The package is geared to support the delivery of the climate targets laid out in the European Green Deal.
The Fit for 55 package proposes modifications to the European Union’s Emissions Trading System (EU ETS), which would further support CCS technologies. Under the new proposal, the EU ETS would recognise all modes of transport for captured CO2 that will be stored.
Along with revisions to the EU ETS, the European Commission is purposing to double the funding allocated through the EU Innovation Fund – a resource which has given way to CCS projects across Europe. The move aims to encourage a rise in the deployment in climate technologies, including CCS.
With the climate package now put forward, the proposed legal acts will be analysed by Member States and the European Parliament (EP). Once the Members states and EP establish their positions and complete negotiations, the legislation will be adopted.
Read here for further details.