European Parliament urges EU to achieve net-zero emissions goal by 2050

The European Parliament estimates that only two of the eight scenarios unveiled by the European Commission in November 2018 would enable the European Union to reach its net-zero greenhouse gas (GHG) emissions objective by 2050 and eventually meet the long-term goal set out in the Paris Agreement. It agreed to support these two scenarios and called to raise the 2030 emission reduction target from 40% to 55% compared to 1990 levels. The Parliament reiterated its position to allocate at least 35% of the expenditure on research (Horizon Europe) to support climate objectives.



The 2050 net-zero emissions objective was outlined by the European Commission in the November 2018 long-term strategy draft, which sets out how reaching the objective of net-zero emissions could boost the EU's economy by 2%/year and help cut energy imports by 70%, resulting in a sharp reduction of fossil fuel import expenditures (reduction of €2,000-3,000bn over the 2031-2050 period). The European Commission also forecasts that it would significantly reduce the EU's energy dependence (currently €266bn/year) as regards imports of oil and gas from the current 55% to around 20% by 2050.