EU Struggles to Live Up to Image as Global Climate Leader as Court of Auditors Warns of Inadequate Financing
In a 63-page report, the court noted that the European Commission, the EU's executive arm, did not include all greenhouse gas emissions in its tallies, which might lead to overly optimistic statistics. They also found that the Commission did not provide sufficient information to guarantee that there would be enough funding to reach the 2030 targets, estimated at around 1 trillion euros per year.
The European Union is already struggling to live up to its image as the global leader in working toward climate neutrality due to a political fight in the EU legislature to push through environmental protection measures, and the Court of Auditors' latest warning of inadequate financing to meet the bloc's ambitious climate targets adds to the challenge.
In a 63-page report, the court noted that the European Commission, the EU's executive arm, did not include all greenhouse gas emissions in its tallies, which might lead to overly optimistic statistics. They also found that the Commission did not provide sufficient information to guarantee that there would be enough funding to reach the 2030 targets, estimated at around 1 trillion euros per year.
The Court of Auditors' report was based on the EU's 2021-2027 budget, in which 30% of the funds were allocated to climate action, amounting to 87 billion euros ($95 billion) a year. The authors of the report noted that this amount was not enough to reach the 2030 targets, which are much more ambitious than those set for 2020. Furthermore, the auditors raised concern that the Commission has not provided assurance that the private sector will be able to provide the necessary financing.
The auditors' warnings come at a time when the European Parliament is scheduled to vote on a nature restoration plan as part of a far bigger project to make the EU climate neutral by 2050. This plan includes measures such as reducing energy consumption, sharply cutting transportation emissions, and reforming the EU's trading system for greenhouse gases.
The Commission has stated that it wants to keep all actions interlinked for optimal impact, however it remains to be seen if the EU can live up to its ambitious goals. The EU's efforts to become a global leader in climate change action have been complicated by the Court of Auditors' warnings. The report highlighted the need for increased financing to meet the 2030 targets, as well as for more transparency in the Commission's accounting. It is now up to the European Parliament to decide how to proceed with its nature restoration plan, and how to ensure that the EU is able to live up to its commitments in the pursuit of climate neutrality.