The Danish government unveils plans to reach its 2030 climate target

The Danish government estimates that the cost to meet its 2030 climate target of reducing greenhouse gas (GHG) emissions by 70% from 1990 levels (around 20 MtCO_2eq) could reach DKK16-24bn (€2.1-3.2bn) by 2030, i.e. 0.7-1% of gross domestic product. Initiatives launched in 2019 will reduce emissions in 2030 by around 5 MtCO_2eq, and the government plans to cut another 9-16.5 MtCO_2eq by using new technologies such as carbon capture storage (CCS), biofuels, electrification and ‘power-to-X’.

In June 2020, Danish government and parliament signed a climate agreement that targets a 3.4 Mt reduction in CO₂ emissions. As part of the deal, the country will approve the creation of two offshore wind hubs totaling 5 GW and that of a 1 GW offshore wind project in Hesselø and will invest in CO₂ capture (carbon capture and storage, CCS) and green fuels. In addition, Denmark will introduce a tax on emissions of CO₂ and GHG.