European Climate Law Sets A Binding Objective Of Climate Neutrality By 2050

The European Union ("EU") recently adopted "Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality" ("European Climate Law").

In the midst of a global pandemic and just days before catastrophic flooding in Germany and Belgium, the European Climate Law, published on July 9, 2021, calls for the necessity to address "the growing climate-related risks to health, including more frequent and intense heatwaves, wildfires and floods, food and water safety and security threats, and the emergence and spread of infectious diseases." It sets out a binding objective of climate neutrality, i.e., net-zero emissions in the EU, by 2050 in pursuit of the long-term temperature goal set out in the Paris Agreement. After 2050, the goal of the EU will be to achieve net negative emissions.