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Corporate Leaders Groups

Business leadership for a climate neutral economy
COP27 Sharm El-Sheikh, Egypt 2022

15 November 2022 – In his address to the COP27 plenary, European Commission Executive Vice- President Frans Timmermans announced that the EU stands ready to update its NDC to at least 57% emission reductions by 2030. Vice- President Timmermans also reminded that the EU is committed to taking concrete measures to address the gap in loss and damage, including new funding arrangements.

Ursula Woodburn, Head of EU Relations, CLG Europe said: “We welcome the Commission Vice-President Timmermans’ announcement on an updated EU 2030 climate target. This increased ambition and commitment to support the loss and damage agenda demonstrates the EU’s willingness to deliver a strong outcome at COP27 and its readiness for implementation.

“The EU now has an opportunity in the next months to put in place credible policies to implement its enhanced NDC. Through reaching ambitious agreements on its remaining key climate and energy files such as Renewable Energy, Energy Efficiency, Emission Trading Scheme and the Carbon Border Adjustment Mechanism, the EU can go even further with its climate target. This would not only strengthen the EU’s global climate leadership position and future competitiveness, it would give the necessary policy direction to European businesses and bolster investment in climate and energy solutions.”

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