EU Parliament Adopts More Ambitious Carbon Sink Goals

The European Union Parliament on Tuesday (3-14-23) adopted the revised regulation on the land use, land use change, and forestry sector (LULUCF) which seeks to improve natural carbon sinks to make the EU the first climate-neutral continent by 2050 and improve biodiversity in line with the European Green Deal.

The 2030 target for net greenhouse gas (GHG) removals in the LULUCF sector will be set at 310 million tons CO2 equivalent, which is around 15% more than today. The new EU target should reduce the EU’s GHGs in 2030 further from 55% to 57% when compared to 1990-levels.

All EU member states will have nationally binding 2030 targets for removals and emissions from LULUCF based on recent levels of removals and potential further removals. The current rules will apply until 2025, under which EU countries will have to ensure that emissions in the LULUCF sector do not exceed the amount that has been removed. From 2026, EU countries will have a four-year budget for 2026–29 instead of binding annual targets.

According to the press release, member states can purchase or sell removal credits between LULUC and the Effort Sharing Regulation to reach their targets. A mechanism will also ensure that member states receive compensation if natural disasters, such as forest fires, occur.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.