EU domestic climate policy : looking forward

Abstract

To become a climate neutral continent by 2050, Europe has to brace itself for radical change, both reducing its emissions to net-zero and in adapting to the inevitable impacts of climate change. Only if it does both will resilience be assured, and even then, Europe needs the rest of the world to act. Essential will be the steering of market forces and the EU has already decided a regulatory framework on two essential measures: carbon pricing and disclosure of climate and sustainability risks by private companies. While the former has a history of 16 years, the latter is just now starting. Removing carbon from the atmosphere must start now with a view of undertaking this at scale by 2050. Breakthrough low-carbon technologies will have to be deployed massively, and if well managed could lead to a reinforcing of the so-called ‘Brussels effect’, setting de facto standards for global markets. The transformation process should not be delayed but rather strengthened through addressing distributive impacts and through appropriate action in the field of regional policy and the re-skilling of workers. In conclusion, while foundations have been laid, so much more needs to be done to adequately address the climate crisis, and there is no time to lose