“concern hovers” over the European Union’s 2030 objectives

The EU is not yet up to it. Europe’s ambitious climate targets for 2030 have “lead in the wing”, warned Monday, June 26 the Court of Auditors of the European Union. For this European institution, “few items” prove that the planned actions and funding will be sufficient to achieve them. The EU’s climate plan foresees a 55% reduction, compared to 1990, in greenhouse gas emissions by 2030, accompanied by energy efficiency gains and a binding target of 42.5% of renewables in energy consumption.

Admittedly, the EU has on the whole achieved the climate and energy objectives that it had set for 2020. But “it succeeded in particular thanks to external factors”such as the 2009 financial crisis and the Covid-19 pandemic which reduced consumption and CO2 emissions, notes the Court in a report. “Concern hovers” now for years to come. “We found little evidence to suggest that the ambitious 2030 targets will result in sufficient action. There is no indication that sufficient funding will be available”notes the institution based in Luxembourg.

“It is clear that more effort is needed”

In its previous 2014-2020 budget, the EU was supposed to devote 20% to the climate, but according to the auditors, only 13% was actually dedicated to it. From now on, the EU has committed to devote at least 30% of its 2021-2027 budget to climate action, i.e. 87 billion euros per year. Even if it is respected, “this amount represents less than 10% of the total necessary investments, estimated at 1,000 billion annually. The rest should come from national and private funds”says the report.

However, there is no assurance on the latter, for lack of details. Available data on investment needs and funding sources “are not sufficient to determine whether national (climate) plans provide a solid basis” with a view to 2030, deplores the Court. “These plans don’t say much about how to bridge the gap [de financements]. Many signals do not make us optimistic, it is clear that more effort is needed”observed the auditor Lorenzo Pirelli in front of the press.

Major pitfall: “lack of transparency” because of “flexibilities” granted to States to achieve their national objectives. To achieve their commitments for 2020, several countries have thus had to buy emission quotas or shares of renewable energy from other States which had exceeded their objectives. In April 2023, France had not yet bought the missing shares to reach its renewable target, a unique case in the EU.