Today is a milestone in the EU's efforts to tackle climate change. The agreement on the EU Fit-for-55 proposals, reached in the early hours of this morning at the EU Environment Council in Luxembourg, is an important step towards the implementation of the Green Deal. This agreement lays the foundations for achieving the ambitious new climate target set by the EU for 2030 to reduce net greenhouse gas emissions by at least 55%. The realisation of this target will be crucial to achieve the EU's longer-term goal of climate neutrality by 2050.
After months of intensive consultations among EU Member States and at the level of the institutions, we have before us a balanced agreement on the Council's positions, which paves the way for achieving our EU targets in a fair, cost-effective and competitive way. This agreement contributes to a just green transition of the European economy and society. The revision of the climate legislative framework will also allow the EU to deliver on the international commitments it made under the Paris Agreement.
Cyprus has supported the ambitious Fit-for-55 package from the outset and contributed with a number of constructive proposals, on the one hand to achieving consensus for the adoption of the package and on the other hand to the inclusion in it of provisions that recognise our specificities as an island state.
It is worth noting that the agreement reached focuses on reducing emissions from sectors of the economy such as road transport and buildings, shipping, aviation, heavy industry, as well as land use. It also sets construction standards for vehicles. In this ambitious effort, Member States will be supported by financial instruments such as the newly established Social Climate Fund, as well as other funds to develop innovation and modernise their energy systems.
Through the Fit-For-55 Package, Cyprus is expected to gain particular environmental benefits, as the new targets will achieve significant reductions in greenhouse gas emissions. Regarding the challenges that are expected to arise for Cyprus, the agreement also provides for targeted tools to address them. In particular, securing increased revenues through the auctioning of allowances for the maritime sector and the possibility to finance its transition, the exemption of the Cyprus-Greece maritime link (public service), the allocation of allowances to island states such as Cyprus to promote sustainable aviation fuels and the preparation of a study to preserve the aviation connectivity of island states are concrete examples of fair treatment for our country that are expected to mitigate the costs of implementation. Of particular note are the specific provisions on the Sustainable Aviation Fuel Allowance Mechanism ("SAF Allowance Mechanism"), included in the agreement following a proposal by Cyprus, which will help to incentivise the green transition of the aviation sector and are expected to help the connectivity of island states and isolated regions.
On the basis of this agreement, the Council will enter into negotiations with the European Parliament next autumn with the aim of reaching a final agreement as soon as possible.
(MF/NG/SX)
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