European Commission to Advance Its Green Deal

 1. European Commission President believes the European Green Deal is very ambitious; this is the Europe's man on the moon moment. How significant of the deal? What are the highlights of the deal? 

It is significant because it responds timely to a global cry out for immediate and accelerated transformation and clean revolution as demanded by the younger generation; because EU, as one of the largest developed economies has decided to take on its responsibility to continue to lead the combating climate change; and because EU leadership sees the opportunity to continue to lead global future economy, in particular the opportunities of technology transformation and the expertise and experiences accumulated in the last few decades in decarbonization. 

The European Green Deal sets a clear vision and pathway of a no carbon emission future in the next three decades leading up to 2050 when Europe as a whole will achieve 100% decoupling of economic growth and resource use. To achieve such a vision, EU and its member states will deploy a whole economy-wide carbon neutral development plan, that covers all the key sectors, transport, energy, agriculture, building and industries. A climate law is be proposed next March that is to provide legislative foundation to fully integrate the carbon neutral goal into its legal and administrative landscape. A finance mechanism and commitment of 100 billion euro per year in the coming decade is committed to invest in achieving such a future. And a carbon border adjustment scheme is also expected to come together to manage carbon leakage and tax heavy-emission industries' products.

2. To achieve carbon neutrality by 2050, what does 'carbon neutrality' mean? What can we expect from a carbon neutrality economy?

Carbon neutrality means no net emissions of GHGs into the atmosphere. In a carbon neutral world, we can expect that most of our energy comes from clean and renewable sources. Even if in some countries we might be able to achieve 100% renewable energy, there are technologies and technique deployed to control and prevent the emissions and also we can enhance nature's carbon sink capacity, like forests, grassland, soil and even carbon capture and storage. Transportation will be totally fueled by clean energy such renewables and hydrogen. Buildings will be both an energy hub for both production and consumption and a node of IoT. We will be able to manage, power and transport our economy in a net zero emission world. 

3. Europe wants to be a front-runner in climate friendly industries and clean technologies, but how feasible of their ambitious?

The new EC president Ursula von der Leyen, when she remained President-elect, had made such a statement of vision that "I want the European Green Deal to become Europe's hallmark. and I want Europe to be the front-runner." She believes that those who act first and fastest will be the ones grasping the opportunity from the transition. This is a good reflection of the mindset of European leadership on the Green Deal. 

It is feasible now with a clearly set vision and pathway. As we all know, Europe has been a recognized leader in decarbonization. It has demonstrated a decoupling pathway between 1990 and 2018 when its carbon emissions decreased 23% while its overall economy grew 63%. As the pathway is illustrated that by 2030 Europe shall reduce it emissions by 50% over the 1990 level and then achieve net zero by 2050. Currently, 75% of Europe's emissions come from production and use of energy and transport accounts for a quarter of its total emissions. Today clean energy technologies, enabled by digitalization and empowered by stronger policy incentives, are offering the best prospect to achieve a carbon neutrality. 

4. A chunk of EU budgets will be assigned on climate related deal. In total EU pledges a total of 1 trillion Euros over the next decade. Where does the money come from? How committed of politicians and CEOs to allocate more money on this field?

Price on carbon is expected to be a large source of revenues besides fiscal budgetary allocation that is aligned with goals combating climate change. Globally, the IMF has started to advocate carbon tax level of 75 USD per tons of CO2 in order to drive decarbonization in a meaningful manner to combat climate change. Governments around the world, in particular G20 countries, the largest economies, can use that as a reference and develop their own carbon pricing schemes. The recent IMF Fiscal Monitor on Mitigating Climate Change developed variouis scenarios of carbon pricing in developed and developing economic by using a carbon tax of 50USD per ton.

To be fair to European countries, many political leaders are serious and committed to such a goal, but with some challenges from countries that still rely on fossil fuels for energy supply today. Business leaders, again, also vary in terms of which industrial sectors. 

5. Impressive goals of course, but for some EU members are far more difficult to achieve than for others. Poland for example, generates 80% of its electricity from coal powered plants, along with the Czech Republic and Hungry. They haven't signed up the deal yet. Will they cave? What impact will the 2050 deal have on these countries?

The EU member states are not developed in a balanced manner. You have climate ambitious countries like Denmark, UK and Germany. You also have countries in Eastern and Southern Europe that lag behind others. One opportunity to bring everyone on board is to invest more in those countries to create growth and lift them up to the same level.

6. Global concern about climate change has mounted in recent months after heatwaves, droughts and wildfires that scientists say have been exacerbated by rising temperatures. European Parliament even declared 'climate emergency' ahead of latest UN climate summit. How urgent of the battle against the warming up threat to all nations on earth?

Today we all live in climate crisis. And we continue to make new records in terms of temperature and emissions. Extreme weathers and natural disasters impact people lives, livelihoods and assets. Sea level rises threaten many people's homeland in low lying regions. Our oceans continue to be acidified and killing marine lives. We are at above 1 degree C temperature rise world now. And with Paris Agreement NDCs, we are on a pathway of 3 degrees C temperature rise. the commitment and goal is below 2 degrees C. 

7. U.N. says drastic action is the only way to avoid the worst effects of climate change. What kind of drastic actions need to be taken by countries?

I was often asked recently what are quick wins? there is no quick win, unfortunately. But we have to adopt drastic actions. COP25 - net zero emissions by 2050, and emissions reduction 50% by 2030. 

8. What progress has China made in the past year in tackling climate change? 

China is on its right track by delivering the set targets and goals. But not adequately. Net zero emissions goal is being actively explored now in the country, starting from realistic regions and even rural areas.