Welcoming ‘Fit for 55’
Background
The European chemical industry has the ambition to become climate neutral by 2050. Cefic welcomes the European Commission’s ‘Fit for 55’ package. This package consists of a set of interconnected proposals, which drive the EU towards reducing net emissions by at least 55% by 2030 compared to 1990 and being the first climate-neutral continent by 2050. Overall, the package strengthens eight existing pieces of legislation and presents five new initiatives across a range of policy areas and economic sectors: climate, energy and fuels, transport, buildings, land use and forestry.
‘Fit For 55’ is a crucial package at a crucial time as the EU races to get climate neutral by 2050
In Cefic views, the ‘Fit for 55 package’ is a crucial step for the European industry and the European society to lead the global race to climate neutrality by 2050. It needs to secure Europe as a destination for investments into climate-neutral and circular technologies. To accelerate the industrial electrification business case, the package needs to ensure huge volumes of renewable and low carbon energy become available as soon as possible. In addition, the revised ETS has to set the framework for emission reduction measures in the next five years as well as help create the breakthrough technologies in the years after.
As Cefic, we think that the present review of the EU ETS might be the most crucial change to the EU ETS so far, and therefore, we have to get it right. To help invest in breakthrough technologies, all revenues generated by the EU ETS need to return to the economy to support emission reductions. Cefic agrees with the European Commission that accelerated deployment of a clean hydrogen economy will be essential to make the energy transition succeed. As the Commission’s latest data shows, the EU Chemicals Industry is a frontrunner in the use of Hydrogen. Cefic therefore welcome the increase in the size of the Innovation Fund as well as the introduction of additional supporting instruments such as Carbon Contracts for Difference.
Download our positions and supporting documents
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