July 19, 2024

WHY IN NEWS?

Recently, the European Union (EU) released a new climate proposal, the Fit for 55 packages.

  • The EU in December 2020 submitted a revised Nationally Determined Contribution (NDC) under the Paris Agreement.

ABOUT:

  • The new package attempts to deliver the NDC and carbon neutrality goal through proposed changes that would impact the economy, society and industry, as well as ensure a fair, competitive and green transition by 2030 and beyond.
    • Climate neutrality is achieved when a country’s emissions are balanced by absorptions and removal of greenhouse gases from the atmosphere. It is also expressed as a state of net-zero emissions.
  • It claims to achieve a balance between “regulatory policies” and market-based carbon pricing to avoid the pitfalls of each
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