• EU leaders agree 55% reduction target for 2030, sending carbon permit price to record high

    Date posted:

    • Post Author

      Patrick Lavery

      Combustion Industry News Editor

European Union leaders have agreed a new 2030 greenhouse gas emissions target, raising the previous goal of 40% from 1990 levels to a 55% reduction – though the agreement still needs to be ratified by the European Parliament. The agreement came after 10 hours of final negotiations, with German Chancellor Angela Merkel declaring the deal a “very, very important result”, one “worth staying up all night for”. Importantly, the target is a collective one, meaning reluctant countries such as the heavily coal-dependent Poland may not have to achieve 55% itself if other countries achieve more. Poland will also receive more money from the EU modernisation fund.

On news of the deal, the EC’s emissions trading system permit price rose to its highest ever, at above €31/tonne of CO2. Greenhouse gas emissions across the EU have fallen 24% from 1990 levels by the close of 2019, meaning there will be a massive amount of work to do achieve the 2030 target.