Swedish energy developer Vattenfall has called on the European Union (EU) to set a “clear and ambitious” climate goal for 2040, emphasizing the need to avoid a “too little, too late scenario.” The plea comes ahead of the European Commission's forthcoming recommendations for a 2040 climate target.
Vattenfall, having already set its own net-zero target for 2040, argues that a well-defined target will instill confidence in member states and businesses, providing a framework for investment decisions. The developer's reduction targets encompass not only its heat and power production but also extend to suppliers and customers.
According to Vattenfall, adopting a 2040 EU climate target would offer investors assurance about the pace of climate actions, steering the entire energy sector toward carbon neutrality by 2050. The company believes this alignment will facilitate the achievement of goals for itself, its suppliers, and its customers.
Highlighting the importance of preventing a delayed realization of the remaining work toward the 2050 climate-neutral goal, Vattenfall contends that current decarbonization measures are tackling the “low-hanging fruit.” The developer suggests that as the EU approaches 2050, the task becomes more challenging, with the last remaining emissions being harder and more expensive to abate.
Vattenfall emphasizes the necessity of clear targets between 2030 and 2050 to prevent a ‘too little too late' scenario. The company asserts that the EU's new 2040 climate target should align fully with the commitment to climate neutrality by 2050 and the 1.5 °C goal of the Paris Agreement.
While acknowledging the priority of reducing emissions, Vattenfall also underscores the realism of achieving the 2050 climate-neutral target, stating that CO2-reduction measures alone may not be sufficient. The developer advocates for the integration of carbon removals as a complementary measure in the EU's climate and energy policy framework.