Fit for 55
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This opinion will provide the civil society perspective on the Carbon Border Adjustment Mechanism. The main purposes of the Carbon Border Adjustment Mechanism (CBAM) would be to discourage EU businesses from moving their production to countries with less ambitious climate change policies (carbon leakage) and to encourage a global move towards net zero carbon emissions by 2050 in line with the Paris Agreement.
The EU ETS was launched in 2005 and covers about 45 % of EU greenhouse gas emissions. The latest revision of the EU ETS Directive, adopted in 2018, sets the total quantity of emission allowances for phase 4 (2021-2030), in line with what was the current EU emission reduction target at the time (40 % reduction below 1990 levels by 2030).
At its plenary session on 24 February, the European Economic and Social Committee (EESC) presented its opinion entitled 'Fit for 55': delivering the EU's 2030 Climate Target on the way to climate neutrality. The EESC has put forward concrete proposals to help accelerate the energy transition so as to enable the EU to reduce net greenhouse gas emissions by at least 55% by 2030.