EU Lawmakers Concerned About Economic Cost Of Climate Targets

  • Date: 04/02/20
  • Bloomberg

The world’s biggest trading bloc shouldn’t rush into more ambitious climate targets this decade without assessing how lower emissions could impact the economy, according to a top European Union lawmaker.

With the EU preparing to forge its flagship Green Deal into law later this month, European People’s Party Parliamentarian Peter Liese said his party wants to see how the climate strategy will affect output before intermediary emission targets are set for 2030.

“We need to go step by step,” said the German lawmaker, who’s the environmental spokesman for the parliament’s biggest party. “For many colleagues an impact assessment is crucial to see what the consequences are.”

His comments underscore the complexity of turning the EU into the first carbon neutral continent by mid century. The unprecedented shift will affect everything from power production to agriculture and transport. The EU’s plan includes revamping energy taxes, agriculture and state aid policies while also considering border levies that account for carbon emissions.

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