Europe’s Climate Neutrality Law Set to Be Unveiled March 4

(Bloomberg) -- The European Union’s executive arm will unveil on March 4 proposals to make the goal of zeroing out emissions by 2050 irreversible under the so-called Green Deal strategy, according to an EU document.

The draft legislation will translate into binding rules the political pledge made in December by the bloc’s heads of government to make Europe the world’s first climate-neutral continent. It had previously been tentatively scheduled to be proposed on Feb. 26.

The law, which will put Europe ahead of other major emitters in the fight with climate change, will need to be approved by national governments and the European Parliament to take effect. It will be followed by an analysis in the second half of this year on how to boost the existing 2030 target of cutting emissions by at least 40%.

European Commission President Ursula von der Leyen wants to toughen the goal for the next decade to 50% or even 55% as part of her flagship Green Deal. She also wants the EU to include shipping in the bloc’s emissions trading system and cut free carbon permits for airlines. Draft laws to enact those plans are due to be proposed next year.

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