According to an article by the Guardian, the first EU “climate law” tries to achieve a net-zero carbon by 2050. This would, in turn, half the greenhouse gas emissions in Europe by 2030. The incoming European Commission plans to discuss a new set of proposals related to this issue.
How would this affect the global market? For starters, the article explains that cars will be subjected to new air pollution standards. This comes as a result of the cheating that allowed diesel pollutants to be masked, which results in affecting drivers everywhere. Furthermore, the article reports that three-quarters of road transport will be moved to rail and inland waterways. Also, the prices would have to be adjusted to match with the carbon output of different ways of transport.
Ursula von der Leyen, the new president of the commission, has promised to bring forward the proposals with 100 days of taking the office. She will take office on December 1st. The Guardian reports that moving to zero transport emissions in the goal of this proposal. This will, in turn, reform the agricultural policy which has faced backlash during the past years because of the damage caused to the environment. Moreover, there will be measures even for the EU industrial strategy which promises clean technologies.
It is interesting to see how these proposals and measures will affect the market in the EU area which will also affect the trade with other countries around the world. It will definitely have a great effect in the automotive industry, agriculture and more.