ESG News

EU Parliament increases member states’ emissions reduction to 40%

Mar. 14, 2023

Europe – The European Parliament has adopted a revision to the Effort Sharing Regulation, which requires EU member states to set annual reductions for greenhouse gas emissions from road transport, heating of buildings, agriculture, small industrial installations, and waste management. The revision increases the 2030 GHG reduction target from 30% to 40% compared to 2005. It set targets between 10% and 50% for each EU country based on GDP per capita and cost-effectiveness. Member states must ensure they do not exceed their annual GHG emission allocation. The revised law also includes limits on emissions savings, borrowing from future years, and trading allocations with other member states.

NEXT STEPS: The text now also must be formally endorsed by Council. It will then be published in the EU Official Journal and enter into force 20 days later.

Source: European Parliament

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