What is Fit for 55?
‘Fit for 55’ is the name for a package of EU policy measures which are designed to ensure the EU reaches its recently legally enshrined target of a 55% reduction in carbon emissions by 2030.
The Fit for 55 package includes a new Carbon Border Adjustment Mechanism and more ambitious targets for the EU’s Emissions Trading Scheme. It also provides new plans for alternative fuels, renewable energy, energy efficiency, energy taxation, forestry, tree planting, effort sharing between member states, and a social climate fund.
The proposals are subject to negotiation between the EU Parliament, Commission and Member States, with the ultimate deadline for agreement set for May 2024, prior to the European Parliament elections.