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Joint Letter: Business and Investors call on the EU to Set a Greenhouse Gas Emissions Reduction Target of at least 90% by 2040

CEO letter
21 Mar 2024

In 2020, EiiF was actively supporting the recommendation to increase the 2030 emissions reduction target to 55%. We developed a “Fit for 55” brochure with EiiF’s recommendations for actions to reach the target, all of which can now be found in the Energy Efficiency Directive revision. Also, in 2020, we supported the 55% emissions reduction target with the EiiF community. We joined forces to support the CEO letter organised by the Corporate Leaders Group, and 23 of the signatories of the letter were from EiiF Member companies. The letter was even mentioned by Ursula von der Leyen in her speech in September 2020. 

In June 2023, the European Scientific Advisory Board on Climate Change published a science-based study, showing that a net emissions reduction of 90 – 95%, relative to 1990 levels, is necessary in order to limit global warming to 1.5 °C and to reach net zero in 2050.

Following the results of this study and an impact assessment, the European Commission recommended, in February 2024, reducing the EU’s net greenhouse gas emissions by 90% by 2040 relative to 1990. Dialogues will start already late March, and at the end of the year, after the 2024 European elections, the new Commission will issue the legislative proposal to include the 2040 target in the European Climate Law.

The Corporate Leaders Group organised a new letter, with the objective to contribute to continue building momentum for a robust target and provide a progressive business position and recommendations on the target and actions to deliver it. Over 100 businesses and investors signed the joint letter calling on the EU to set a greenhouse emissions reduction target of at least 90% by 2040, including EiiF and several CEOs from the EiiF community.

You can read the letter by clicking on the below link: