The European Union's chief executive on Wednesday said the bloc should commit to deeper emissions cuts over the next decade, and pledged to use green bonds to finance its climate goals. European Commission president Ursula von der Leyen said the EU should set a target to cut its greenhouse gas emissions by at least 55% by 2030, against 1990 levels, confirming plans laid out in draft Commission documents previously reported by Reuters. The EU's current 2030 emissions target is for a 40% cut. Von der Leyen said the upgrade is needed to put EU "firmly on track" for its plan to reach net zero emissions by 2050, and that Commission analysis had confirmed a 55% emissions cut was economically possible. But she acknowledged the proposal would divide European Parliament and member states, who must approve the legally binding target, but disagree on how ambitious it should be. "I recognise that this increase from 40 to 55 is too much for some, and not enough for others," she said in a speech in European Parliament. To help meet the goal, von der Leyen said 30% of the bloc's 750 billion euro coronavirus recovery package of grants and loans, which the EU as a whole will borrow, should be raised through green bonds.
