The European Court of Auditors warned that the European Union (EU) may not be able to find sufficient funding to meet its ambitious climate targets.
The European Court of Auditors, headquartered in Luxembourg, has published its report on the EU’s climate and energy targets.
In the report, it was noted that there is a risk that the Union will not be able to meet its 2030 climate and energy targets.
Pointing out that the EU’s actions towards achieving the 2030 climate targets are not sufficient, the report stated that the union’s attempt to reduce greenhouse gas emissions by 55 percent by 2030 compared to 1990 levels may fail.
The report stated that the EU and its member states should be more transparent about the performance of their actions in the field of climate and energy.
Pointing out that there are also problems in the EU’s greenhouse gas emission measurement, the report underlined that all greenhouse gas emissions caused by the EU, including those originating from trade, international aviation and transportation, should be taken into account.
In the report, it was reminded that the EU’s emissions would be approximately 10 percent higher when including those from trade, international aviation and shipping, but did not include this in the calculations.
“The lack of any sign of adequate funding, particularly from the private sector, which is expected to contribute significantly to achieving the ambitious 2030 goals is a cause for concern,” the report states, adding at least 30 percent of the EU’s 2021-2027 budget, which is around 87 billion euros each year. It was reminded that he made a commitment to spend on climate action.
In the report, it was stated that this amount is less than 10 percent of the total investment required to reach the 2030 targets, which is estimated at approximately 1 trillion euros per year, and the remaining investment is expected to come from national and private funds.