ANNOUNCEMENTS
Europe is the first continent to commit and provide a roadmap for carbon neutrality by 2050 under the ‘‘European Green Deal’’. One of the important targets under ‘European Green Deal’ is ‘‘Fit for 55’’. The key objective of ‘Fit for 55’ is to reduce emissions by 55% by 2030 with respect to 1990 levels. Since 1990, Europe has created much of the development in decarbonisation and emission reduction strategies. The legislature established on 14th July 2021, is a revised proposal that integrates all the developments and gaps of the previous climate action targets regulated under European Council and Commission. Energy is one of the most important sectors for emission reductions, as 75% of the emissions are produced from it. Hence, the study provides a comprehensive analysis of the policies included in it and also assesses the impact on the economy and the energy market. The study also considers the societal implications caused by the energy transition. The analysis presents an overview of the impacts of Covid 19 and Russia- Ukraine war on achieving 2030 goals. The analysis is concluded with some research insight which includes the pace of development to achieve 2030 goals, sectorial implementation, impact assessment and major challenges found. Fit for 55 is a transformational package, if followed, will benefit not only Europe but the entire world. Cooperation among European Member States is essential for attaining the objective, which is achievable at the pace of climate action.
Keywords: Europe Green Deal, Fit for 55, Energy Transition, Carbon neutrality, Europe, Climate change, Covid-19, Russia-Ukraine War.
