The European Climate Law instructs the Commission to propose an EU climate target for 2040 at the latest within six months of the first global stocktake carried out under the Paris Agreement that took place at the COP28 in December 2023. Plenary debates proposals for setting the EU 2040 climate target, shortly after the Commission publishes a Communication and an impact assessment to initiate the process of setting a 2040 climate target. Opening statements by Wopke HOEKSTRA, European Commissioner for Climate Action. This transcription is a result of an automatic process. Please check against delivery.

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Strasbourg

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plenary session

effort sharing regulation (T)

European Union Emissions Trading System (T)

fight against climate change (T)

European Green Deal (T)

Wopke HOEKSTRA (NL)

EU2040 climate target: Opening statements by Wopke HOEKSTRA, European Commissioner for Climate Action

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, Thank you very much, Chair and Honourable Members. Many thanks for all the efforts and the work put into climate action in the past weeks, months and years. Today is another step in the European Union's journey towards climate travel. We already have our fixed targets of 55% of emission cuts by 2030 as everyone is aware. And now we are launching a dialogue. Let me stress that words a dialogue on the pathway towards 2040.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, Before we get started. Madam Chair, it is important to recall what today's step is and what it is not. What we are proposing, what the Commission is proposing is a solid analysis or a good pathway towards 2040 could look like. Today is in fact the start of the dialogue with citizens, with businesses, with trade unions, with members of parliament here, but also at a national and at a local level. And that is what the Commission is doing.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, The decision to come up with a legislative proposal will be for the next Commission. Based on the best available science and a detailed impact assessment, as I'm sure you have seen, we are recommending that the 2040 target should be a 90% cut in emissions. So, why we're making this recommendation now? Well, at the risk of repeating myself, because the case for climate action is beyond budget and requires planning in the here and now.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, We've just lived through the hottest summer on record, and we've seen for ourselves the devastation that climate change brings sadly ever more in human lives. As weather patterns become more unpredictable, become more extreme. This will also come with an increasing economic cost. And therefore, it is important to note that inaction will lead to far larger and growing costs in the coming decades.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, Ladies gentlemen, and there is not a reason to put this forward in the here and now. We will keep on offering to our industry, businesses and financial institutions, deciding they always ask for clarity and predictability for their investments. But, it is also absolutely essential. It is absolutely essential that we need to do more to enable them and citizens to get to the destination.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, And going forward, it is therefore of tremendous importance that we stand firmly on two legs. One clearly is the lack of climate action and that we have to stay the course and the other, the lack to which we need to bridge, to which we need to marry is a strong and resilient economy with a bright future for all our businesses, large and small and a transition that is truly just.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, We cannot have one without the other. I'm absolutely convinced we do need to make sure that we have to, too. Because the vast majority of our citizens sees the effects of climate change. They also want to have us take action, but are also worried about what that implies for their livelihood. So, let's make sure we work on the two. Ladies if we and manage gentlemen, to pull this off, If we manage to do this, we will also increase our energy independence and strengthen our EU's open strategic autonomy.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, 'Ladies and gentlemen, today's communication lays some further foundations for future work to ramp up affordable, clean energy to make our rules as easy as possible, to navigate and to have a smart, a smart European approach to de-risk private investments in the key technologies of the future. And we need to have comprehensive investment agenda to attract private capital. As a matter of fact, we not only need more public, but certainly also much more private capital for this endeavour.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, And therefore we will propose a concrete roadmap to boost and finance technologies across Europe. Having said that, whatever we agree and whatever we discuss here at our own continent, in this Parliament, the scale of challenge we are facing remains planetary. The EU's emissions at 7% of the global total are only one piece of the puzzle. But as global leaders in climate action, we cannot call on other countries to do more to accelerate transitions and not continue ourselves.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, We will therefore also establish a dedicated Commission task force on carbon markets diplomacy. We will offer our expertise to other countries that wish to create their own version of what I view as one of the most successful things we have done in the domain of climate action and emissions trading system. And as one example, where our partners were other partners, we can raise to the top both from a climate action perspective and from the perspective of a global level playing field for sustainable businesses to flourish.

SOUNDBITE (English), Wopke HOEKSTRA, European Commissioner for Climate Action, Ladies and gentlemen, let me wrap up. Tackling the climate crisis is a marathon, not a sprint, and 2040 seems far away, but the sooner we start planning, the sooner we start working towards it, the better equipped we will be to continue and ultimately finish this journey. So we're starting the political discussions in this esteemed chamber and we will continue to do so outside of this room with all stakeholders that are relevant to this endeavour, including, of course, the various businesses and all of our citizens. And we do that to make sure that we have a balanced approach and everyone at our continent can be seen and can meet the finish line. Thank you.