Funds And Firms Call For Tougher 2030 EU Climate Target

The existing target is a 40% cut, and some poorer fossil fuel-dependent EU states are unwilling to commit to deeper cuts.

A lesser target would derail EU’s plan to reach net zero emissions by 2050, a report by the Institutional Investors Group on Climate Change (IIGCC), who together manage more than 33 trillion euros in assets, said.

“Weak climate targets would fail to provide the strength of market signal needed to mobilise investors and attract the high levels of private finance required,” the IIGCC said.

Investment decisions taken this decade will determine the EU’s long-term emissions as infrastructure could stand for decades, whereas industries must invest in low-carbon tech before 2030 to be ready for large-scale use by 2050.