EU Climate Goal for 2040: Kai Mykkänen Warns of Challenges Ahead
Economy

Finland: Prioritizing Cost-Effective Emission Reductions in Quest for 90% Net Emission Reduction by 2040

Finland has accepted the EU Commission’s proposed 90 percent net emission reduction target for the Union’s 2040 climate goal, with certain reservations. This reduction target is calculated from the level of emissions in 1990 and will require both emission reductions and carbon removal to achieve. While Finland supports this target, they are adamant that key instruments used to implement it must meet their minimum requirements. This includes proceeding technology-neutrally and accepting nuclear power, as well as creating effective incentives for technical carbon sequestration at the EU level.

Finland emphasized the importance of cost-effective emission reductions and taking into account the uncertainties in the land use sector when implementing future legislation during a recent Environmental Council meeting in Brussels. Many EU member states have not yet formed their positions on this target, making it a starting point for a long process of negotiations.

The transition of the industry to green technologies is crucial for achieving emission reductions, according to Finland. This includes transitioning steel factories and refineries away from fossil fuels, which may depend on how pure hydrogen is defined. Additionally, the recovery of carbon dioxide in forest industry units is a significant issue, as technical sinks play a vital role in achieving net reduction increases in carbon dioxide emissions. Finland views these technical sinks as essential, especially if they aim to increase net reduction by more than five million tons of carbon dioxide emissions.

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