Financing Nuclear to Power Europe's Decarbonization GoalsProject Finance
The European Union has set an ambitious target in its Fit for 55 plan to combat climate change. The Bloc's countries have pledged to reduce carbon emissions to 55% of 1990 levels by 2030. This intermediate goal is necessary in order for the EU to achieve its long-term goal of becoming carbon neutral by 2050. To achieve this, the Fit for 55 package sets more aggressive energy targets, including a 40% share of power coming from renewables as well as increasing carbon costs for emissions-emitting power producers through the EU's emission trading system.