A report published by the European Court of Auditors raises concerns about the EU's ability to achieve its goal of reducing greenhouse gas (GHG) emissions by 55% compared to 1990 levels by 2030, suggesting that the actions taken so far will be insufficient to meet the 2030 climate and energy targets. While the EU successfully reached its 2020 climate and energy targets, the auditors note that external factors such as the financial crisis and the COVID-19 pandemic played a significant role.
One major concern is the lack of adequate financing, especially from the private sector, to achieve the more ambitious 2030 targets. While the EU has committed to allocating at least 30% of its 2021-2027 budget to climate action, this represents less than 10% of the total investment required to achieve the 2030 targets, estimated at around €1 trillion per year. The remaining funding is expected to come from national and private sources.
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