Legally binding with the adoption and entry into force of the European Climate Law, in July 2021. The Climate Law also sets an intermediate target of reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. This 2030 target was communicated to the UNFCCC in December 2020 as the EU’s NDC under the Paris Agreement. In 2021, the EU presented a package of proposals to make its climate, energy, land use, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030. A first agreement on zero emission cars and vans was reached on 27 October. The EU will update its NDC, as appropriate, as soon as possible after all these proposals are adopted.
Climate finance is critical to support vulnerable communities to protect themselves against the impacts of climate change and to support sustainable economic growth. Developed countries have committed to mobilise a total of $100 billion of international climate finance per year from 2020 until 2025 to help the most vulnerable countries and small island states in particular, in their mitigation and adaptation efforts. The EU is the biggest donor with a steadily rising contribution to around a quarter of the target. Other donor countries must now step up their efforts and meet the current shortfall.
Source: Delegation of the European Union to the Republic of Rwanda