Despite the EU Energy Crisis, Plans to Raise Greenhouse Gas Reduction Targets

[Photo by Reuters-Yonhap News]

[Asia Economy Reporter Byunghee Park] With the opening of the 27th United Nations Climate Change Conference of the Parties (COP27) just over 10 days away, the European Union (EU) is expected to demonstrate its commitment to steadily implementing its long-term carbon neutrality goals despite the energy crisis. The EU appears to be using the gas supply crisis caused by Russia as an opportunity to accelerate the transition to eco-friendly energy.

According to major foreign media, the EU recently agreed to raise its greenhouse gas reduction targets next year.

Currently, the EU aims to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels. At a meeting on the 24th, EU climate ministers agreed to discuss raising the greenhouse gas reduction targets at COP27.

COP27 is scheduled to be held in Egypt from November 6 to 18.

EU ministers judged that raising the greenhouse gas reduction targets is feasible since some member states have prepared measures to reduce fossil fuel use following the Russian gas supply crisis. For example, in May, the European Commission announced the 'RePowerEU' strategy, which aims to increase the share of renewable energy from the current 32% to 45% by 2030.

EU ministers also agreed to support the establishment of a so-called 'loss and damage' fund to assist poor countries affected by climate change. The establishment of the loss and damage fund is expected to be one of the key agenda items at COP27.

Last week, the V20 (Vulnerable Twenty Group), a coalition of finance ministers from 20 developing countries vulnerable to the climate crisis, issued a statement urging wealthy countries to urgently develop plans to support developing countries vulnerable to the climate crisis.

Developing countries refer to the massive flood damage in Pakistan this year, arguing that advanced countries must establish funding plans at COP27 to help poor countries affected by climate change. Pakistan suffered enormous property damage and nearly 1,700 casualties due to prolonged heavy rains this summer.

United Nations Secretary-General Ant?nio Guterres visited Pakistan last September and argued that developed countries, which bear significant responsibility for climate change, must provide financial support to developing and least developed countries to cope with climate change.

Germany, which holds the presidency of the Group of Seven (G7) this year, is also expected to exert efforts to advance the loss and damage fund issue.

Jennifer Morgan, Germany’s Federal Government Special Envoy for Climate Change, recently stated in an interview with foreign media that the German government plans to increase the 'Global Shield' fund, which supports the V20 in the form of insurance, to its largest scale ever. The Global Shield fund provided by Germany to the V20 is similar to insurance and differs from the compensation demanded by developing countries for climate change damages.

This content was produced with the assistance of AI translation services.