Throughout history, fossil fuels have been indispensable for industrial efficiency but have concurrently posed a significant threat to climate stability due to their greenhouse gas emissions. Despite their role in driving economic growth, their environmental impact remains a pressing concern in the global effort to combat climate change.
Recently, Europe announced a 9-year-plan to stay away from fossil fuels. The plans additionally include the elimination of sales of new gas- and diesel-powered cars, which is beneficial for the environment since these cars have significance greenhouse gas emissions when driven. The European Commission is attempting to reduce greenhouse gas emissions by 55% in 2030 when compared to 1990. Though ambitious, the plan could significantly alter the influence of climate change.
These decisions put pressure on America and China, as they are both large contributors to emissions. However, Democrats in Congress are taking initial steps toward a carbon border tax (which is what the EU has). China, country with largest amount of emissions, predicted that emissions would peak by 2030, putting them in pressure to bring that number down as Europe is going to be reducing emissions significantly by then.
This plan has lots of support from an environment lens but is frowned from the economic perspective. This new plan centers around increased carbon prices and taxes on imports of goods from outside the EU. Countries with not as extreme climate regulations may become upset in a trading manner with the EU, causing widespread global trade disputes.
Overall, the EU is enacting these plans as a form of public policy to battle implications of climate change. Though the plan may be successful, there are economic and political concerns regarding their relationship with other countries. With events like COP-26 coming up and other global meetings, this will allow more conversation and policy to be made to hopefully achieve an agreeable solution with a sustainable environment
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