European Commission Unveils Climate Action Law

What does the proposed European Union (EU) Climate Action Law do?

• sets a common trajectory and imposes revised targets to member states every 5 years from 2023
• adopts legally binding legislation that will be enforced if the European Parliament and European Council have no objections

The budget

The EU will dedicate 25% of its budget to tackle climate change and work to mobilize $1 trillion euros in investment over the next 10 years. The funding will help regions most economically disrupted by the transition. 

What are environmental activists saying

Without a plan to increase the bloc’s overall emissions goal for 2030 the 2015 Paris agreement will not be met. Activists are urging climate taxes and carbon budgets.

The New York Times | EU Commission Unveils Climate Law Amid Criticism