Europe is about to start discussing an emission reduction target for 2040 that will link the one for 2030 – at 55% – to the ‘net zero’ one for 2050. The European Commission is expected to present a proposal by June 2024 – six months after the first Paris Agreement global stocktake of climate mitigation commitments is concluded in December 2023. The European Parliament and the Council will then negotiate and set the target, which will determine the course of the climate policy framework post-2030. It will also affect the rules and parameters for the EU ETS in the fifth trading period (2031-2040), for which the Commission is expected to lay out a legislative proposal by mid-2026.
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