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Market Trends Europe Launches ‘Fit for 55 Package’ to Achieve Climate Neutrality by 2050

Editor: Ahlam Rais

The European industry is hopeful that the recently launched ‘Fit for 55 Package’, an extensive legislative package that revises all EU climate and energy legislation, will enable the region to become an attractive destination for investments into climate-neutral and circular technologies. With this move, Europe aims to lead the global race to climate neutrality by 2050.

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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.
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.
(Source: Laura Ockel/Unsplash)

Brussels/Belgium – Cefic President Martin Brudermüller and Marco Mensink, Cefic Director General, welcomed the European Commission’s ‘Fit for 55’ package.

Cefic President Martin Brudermüller said: 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 (Emissions Trading System) 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.

To help invest in breakthrough technologies, all revenues generated by the EU ETS need to return to the economy to support emission reductions.

Marco Mensink, Director General, Cefic

In addition, Director General Marco Mensink said: Present review of the EU ETS might be the most crucial change to the EU ETS so far. 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. We agree with the 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.

We 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.”

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