Daily Current Affairs 2021 European Commission recently unveiled its 'Fit for 55' package | Daily Current Affairs 2021

European Commission recently unveiled its ‘Fit for 55’ package

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Fit for 55 Package

The European Commission recently unveiled its ‘Fit for 55’ package of revised climate and energy laws on 14 July 2021.

Highlights:

  • This package is aimed at aligning key EU policies with the new 55-percent net-emissions reduction by 2030.
  • The EU unveiled sweeping new legislation to help meet its pledge to cut emissions of the gases that cause global warming by 55 percent over net-emissions reduction by 2030.
  • The EU also unveiled a controversial plan to tax foreign companies for the pollution they cause.

Key features:

  • The legislation provides for de-facto phasing out of gasoline and diesel cars by 2035.
  • It comprises of new levies on gases from heating buildings.
  • It also involves a revamp of the bloc’s emissions trading program.
  • Under this programme, steel producers and cement makers will pay for every ton of carbon dioxide their factories emit.
  • Taxes on shipping and aviation fuels was also introduced for the first time.
  • Cargo ships may not be able to dock in ports like Rotterdam, Netherlands, or Hamburg, Germany unless they run on cleaner fuels.
  • Commercial airliners will be required to fill up with synthetic fuel produced with green energy.
  • It also provided for a “Carbon Border Adjustment Mechanism.”
  • This plan imposes duties on foreign companies that in turn will increase the price of certain goods like steel, aluminum, concrete and fertilizer.
  • The new legislation will involve around a dozen major proposals — most of them building on laws already in place to meet the EU’s old goal of a 40 percent cut in gas emissions by 2030, compared to 1990 levels — and must be endorsed by the 27 member countries and EU lawmakers.

Aim of the legislation:

‘Fit for 55’ legislation is aimed at freeing the continent from fossil fuels and take better care of the environment by policy design as opposed to being forced into desperate measures at the future climatic tipping point.

Paris Climate Deal:

  • EU’s legislation was released in line with the Paris Climate deal.
  • World leaders had agreed six years ago in Paris to make efforts towards keeping global temperatures below 2 degrees Celsius, ideally no more than 1.5 degrees C by the end of the century.

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