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00:00But as we pull through together . We must also propel ourselves forward in the world of tomorrow . And there is no urgent need for acceleration. No more urgent need for acceleration than when it comes to the future of our fragile planet . While much of the world's activity froze during lockdowns and shutdowns . The planet continued to get dangerously hotter . And we see it on around us . From houses evacuated due to the glacial collapse on the more block . Two fires burning through Oregon . Two crops destroyed in Romania by the most severe droughts in decades . But we also saw nature coming back into our lives . We longed for green spaces . And clean air for mental health. And our physical well-being we know change is needed. And we also know it is possible . The European Green Deal is our blueprint to make that transformation . At the heart of it is our mission to become the first climate neutral continent in 2050 . But we will not get there with the status quo. We need to go faster and we need to do things better . We looked in-depth in every sector to see how fast we could go . And how to do it in a responsible evidence based way . We held a wide public consultation and conducted an extensive impact assessment . And on this basis . The European Commission is proposing to increase the 2030 targets for emission reduction to at least 55 percent as . As I recognize . That this increase from 40 to 55 is too much for some . And not enough for others . But our impact assessment clearly shows that our economy and industry can manage this and they want it. Just yesterday 170 business leaders and investors from ESA Mes to some of the world's biggest companies wrote to me calling on Europe to set a target at least at 55 percent . Our impact assessment clearly shows that meeting this target would put the European Union firmly on track . For climate neutrality by 2050 and for meeting our Paris agreement obligations and if others follow our lead the world will be able to keep warming below one point five degrees Celsius . I'm fully aware that many of our partners are far away from that but we have to lead. And I will come back to the carbon board adjustment mechanism later. But for us . The 2030 target is ambitious. It's achievable and it is beneficial for Europe. We can do it and we have already shown that we can do it. While emissions dropped 25 percent since 1990. Our economy grew more than 60 percent. The difference is now that we now have the technology we have way more expect expertise and we have the investment and we are already embarking towards a circular economy with carbon neutral production. We want to be leading in the world on that. We have more young people pushing for change. We have more proof that what is good for the climate is good for business and is good for us all. And we have a solemn promise to leave no one behind in this transformation without just transition fund. We will support the regions that have a bigger and more costly change to make. We have it all. Now it's our responsibility to implement it and to make it happen. And I want you at my side and I invite you for this endeavor because we only can do it together. This is our mission on the European level . Honourable members .

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EU Executive Proposes 55% Cut in CO2 Emissions by 2030

European Commission President Ursula von der Leyen proposed toughening the bloc’s emission targets in a move that will force industry to face stricter pollution standards and aim to spur a green economic recovery. Von der Leyen outlined the plan in a key policy speech to the European Parliament. (Source: Bloomberg)

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