Fit for 55 - The EU's plan for a green transition! Files finalised!!!

Subscribe here: https://bit.ly/eudebates The European climate law makes reaching the EU’s climate goal of reducing EU emissions by at least 55% by 2030 a legal obligation. EU countries are working on new legislation to achieve this goal and make the EU climate-neutral by 2050.

Why 'Fit for 55'?

Fit for 55 refers to the EU’s target of reducing net greenhouse gas emissions by at least 55% by 2030​. The proposed package aims to bring EU legislation in line with the 2030 goal.

The Fit for 55 package is a set of proposals to revise and update EU legislation and to put in place new initiatives with the aim of ensuring that EU policies are into line with the climate goals agreed by the Council and the European Parliament.

The package of proposals aims at providing a coherent and balanced framework for reaching the EU's climate objectives, which:

ensures a just and socially fair transition
maintains and strengthens innovation and competitiveness of EU industry while ensuring a level playing field vis-à-vis third country economic operators
underpins the EU's position as leading the way in the global fight against climate change

The Council as co-legislator
Infographic - Fit for 55: how the EU will turn climate goals into law

The infographic explains the Fit for 55 package, the key areas of action for the EU to reduce greenhouse gas emissions and the decision-making process for turning the proposals into EU law.See full infographic
The proposals of the Fit for 55 package were first presented and discussed at technical level within the Council's working parties responsible for the policy area concerned.

Later these were discussed by EU member states’ ambassadors in Coreper to prepare the ground for agreements among the 27 member states. EU ministers, in various Council configurations, exchanged views on the proposals to reach agreement on a common position on each proposed act.

In the ordinary legislative procedure, the Council then engages with the European Parliament in negotiations to find a common agreement in view of the final adoption of the legislative acts.

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EU reaches landmark provisional agreement on ETS reform and new policies to meet 2030 target. On 18 December 2022, the European Commission, the European Parliament, and the Council of the EU finalized a provisional agreement on a broad set of policy proposals of the "Fit for 55" package, including a landmark reform of the EU ETS. This agreement marks the successful end of the “trilogue negotiations” between the three European institutions, as agreement on other parts of the package, including the Carbon Border Adjustment Mechanism, has already been reached. Originally presented by the European Commission in July 2021, the "Fit for 55" reforms are needed for the European Union to meet its emissions reduction target of 55% by 2030 and to achieve climate neutrality by 2050. The agreement is provisional awaiting formal adoption by the Parliament and the Council, and the final text of the agreement is therefore not yet published.

The agreements represent a defining milestone for the EU ETS, and for carbon pricing more broadly, effectively placing emissions trading at the heart of the EU’s decarbonization agenda. Building upon the 2030 Climate Target Plan, the deal includes a more ambitious reduction target for the EU ETS sectors of 62% by 2030; the phase out of free allocation in some sectors accompanied by the phase-in of the carbon border adjustment mechanism (CBAM); revised parameters for the Market Stability Reserve (MSR); the expansion of the EU ETS to cover maritime shipping; a new and separate ETS for buildings, road transport, and other fuel sectors (ETS 2); and a strengthened commitment to use ETS revenues to address distributional effects and spur innovation. The key elements on the provisional agreement are outlined below.

EU ETS cap, trajectory, and rebasing