The European Commission has launched a public consultation on stakeholder views on the EU’s intermediary climate target for 2040. The consultation will close on 23 June.

The European Climate Law, adopted in 2021, made the target to reach net-zero emissions by 2050 legally binding, as well as the 2030 target to cut emissions by at least 55%; this resulted in the ‘Fit for 55' legislation for achieving these targets. The Climate Law also requires the European Commission to propose a 2040 climate target in 2024.

These targets are important to implement a predictable environment to guide the business sector, investors and financial markets, and political decisions. The consultation will inform the policy development based on these targets – just like Fit for 55 for the 2030 targets – and thus impact business decisions, investment risks, and new opportunities.