EU leaders are seeking measures to support industry ahead of the achievement of a targeted climate agreement for 2040.
European Union leaders are expected to approve the adoption of the new 2040 climate goals at their upcoming summit on October 23, during which they will strengthen measures to support energy-intensive industries such as steel and the automotive industry, according to the million People project.
Initially on a UN approval deadline in September, the decision was delayed due to concerns from France, Poland and others about how to finance the transition to low-carbon technologies along with other priorities such as defense industrial revitalization.
Focus on favorable conditions and competitiveness of industrial enterprises
According to the draft conclusions, the leaders allow member states and MPs to continue with defining the 2040 emissions reduction target, while multitasking the European Commission to develop a strong "enabling environment" to help businesses and citizens manage transition costs.
The document emphasizes that traditional industries, including the automotive industry, shipping, aviation, steel, metals, chemicals, require special attention in order to remain stable and competitive in the global market.
political compromises and new political debates
Although the project is not specifying new financial commitments, such as EU funding, diplomats said that some countries are seeking adjustment of the carbon Boundary Adjustment Mechanism (CBAM), while others want flexibility for the 2035 ban on internal combustion engine vehicles.
The text also confirms that the EU's climate policy goals should be achieved in a "technologically neutral" manner, which provides flexibility in choosing the path of decarbonization and energy technologies.
If approved, the 2040 climate target will be officially adopted by EU climate ministers on November 4, ahead of the COP30 UN Climate Conference.
Steelorbis.com