European Green Deal Policy Guide

Focus on the ‘Fit for 55’ package

Focus on the ‘Fit for 55’ package.

By 2050, Europe aims to become the world’s first climate-neutral continent. To pave the way to achieve this ambitious target in the fight for climate change, the European Commission (EC) pledged to reach the following more detailed targets by 2030:

Minimum 55% cuts in greenhouse gas emissions
Above 32% share of renewable energy
At least 32.5% improvement in energy efficiency

In order to be able to reach these targets on time, the European Commission created a dedicated action plan known as the EU Green Deal which covers a wide range of policy areas.

On Wednesday 14 July, as part of the EU Green Deal, the European Commission tabled a series of significant carbon reforms – the ‘Fit for 55’ package. These reforms, which are listed in Figure 2 cover a wide variety of topics from tax, to the circular economy, to the supply of clean energy.

KPMG’s EU Office has prepared an EU Green Deal Policy Guide, which is attached to this article, to help summarize the key takeaways from each of these reforms.