The European Commission will propose in March 2020 new laws to make the EU climate neutral by 2050. It will also propose by mid-2020 more ambitious targets to cut emissions by 2030 from the current 40% target to “at least” 50%, according to the document published on Wednesday.
One major component is a so-called Just Transition Fund, a mechanism of at least 35 billion euros that would support “regions most exposed to decarbonization challenge”.
Von der Leyen said the Commission wants to mobilize 100 billion euros worth of investment to help the bloc’s economies pay for transition away from fossil fuels. To make the rest of the world follow suit, there would be a carbon border tax, essentially tariffs on imported polluting goods.
Read full details at the World Economic Forum