The European Commission has also established a mechanism to assist the transition of regions that will be more profoundly impacted by the 2050 carbon-neutrality target.
By Paul A. Davies and Michael D. Green
On 11 December 2019, the European Union announced that it would enshrine into legislation its goal to achieve carbon neutrality by 2050 (see “EU Commission Formally Announces European Green Deal”). The European Green Deal Investment Plan serves as the European Commission’s (Commission’s) primary vehicle through which funding commitments will be made by seeking to mobilise €1 trillion of public sector and private sector investments. The Commission has also established the Just Transition Mechanism (JTM) to assist those regions that will be more profoundly impacted by the economic and social transformation envisaged.
The French Parliament has adopted a new climate energy package to tackle the effects of climate change and boost France’s energy transition endeavors to reach carbon neutrality by 2050. As per Article 4.1 of the 2015 Paris Agreement, carbon neutrality is defined in the package as the balance, across the national territory, between anthropic emissions by sources and removal of greenhouse gases by sinks. Six key goals comprise this latest legislation.
Its objective is to achieve a high level of protection for the environment and human health by reducing harmful industrial emissions. It creates an obligation for all plants to operate using Best Available Techniques (BAT) and to be issued with a permit setting emission limits in line with BAT. Regular sector-based discussions then take place to update BAT to reflect new technology.