Good morning! It’s an important day for the European Central Bank (ECB), as they are expected to raise rates to the highest level in 22 years. However, they are also facing the challenge of stubbornly high inflation. In today’s newsletter, we delve into the EU’s ambitious emission reduction targets for 2040 and explore the concerns of one MEP regarding the regulation of artificial intelligence (AI).
Emission Impossible?
Leading scientists have advised Brussels that the EU needs to target a 90 to 95 percent reduction in emissions by 2040 in order to combat climate change effectively. This comes after the EU already committed to a 55 percent reduction by 2030 compared to 1990 levels. The European Scientific Advisory Board on Climate Change suggests that the EU should limit greenhouse gas emissions to 11 to 14 gigatons of carbon dioxide equivalent (CO2e) between 2030 and 2050. To put this in perspective, the EU emitted 3.5 GT CO2e in 2021. The European Commission is seeking feedback on the 2040 target, but it remains unclear how ambitious it will be.
Naturally, there are political challenges in achieving these targets, with some member states hesitant to take early action. Nevertheless, it is essential for developed nations, which have contributed significantly to climate change, to lead the way. The EU will need to step up its efforts in the short term, as it has only achieved a 32 percent reduction in emissions thus far. The mass adoption of renewable technologies, nuclear power, carbon removals, and reductions in energy demand will be necessary to reach both the 2030 and 2040 targets.
Killing the AI Goose
The European Parliament has passed its negotiating position on a groundbreaking AI legislation. However, Axel Voss, a prominent MEP, believes that the EU needs to strike a balance between regulation and innovation. Voss argues that the EU should not stifle AI development by excessively protecting data and privacy. Instead, he suggests that the bloc should focus on nurturing AI innovation to keep up with global developments. Voss warns against repeating the confusion caused by the General Data Protection Regulation (GDPR) and emphasizes the importance of flexible regulations. Striking the right balance will allow companies to transfer and use data within the bounds of the rules, encouraging innovation while protecting privacy.
Today’s Highlights
– Nato defence ministers meet in Brussels.
– European Parliament President Roberta Metsola has a working dinner with Portuguese Prime Minister António Costa.
That’s all for today’s edition of Europe Express. If you have any feedback or suggestions, we’d love to hear from you! Sign up for our newsletter to get the latest European stories directly in your inbox. Stay up to date by following @FT Europe.
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