• EU countries approve landmark climate change law

Market news

28 June 2021

EU countries approve landmark climate change law

Reuters reports that European Union countries gave the final seal of approval to a law to make the bloc's greenhouse gas emissions targets legally binding.

Negotiators from Parliament and EU member states reached a deal in April on the climate law, which sets targets to reduce net EU emissions by 55% by 2030, from 1990 levels, and eliminate them by 2050.

Ministers from the 27 EU countries formally approved the deal on Monday, except for Bulgaria, which abstained.

Leaders from all EU countries signed up to the 2030 emissions-cutting target in December, which aim to put the bloc on a pathway that, if followed globally, would avoid the worst impacts of climate change. The targets apply to overall EU emissions, rather than a binding requirement for each country.

The law aims to put climate at the heart of all EU policymaking, ensuring that future regulations support the emissions-cutting aims.

Doing that will require a huge policy overhaul. Most EU laws are designed to meet a previous target to cut emissions by 40% by 2030.

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