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98 | Gábor Szabó and Szabolcs Diósi has entered into force and sets out the legal framework for a number of highly ambitious climate actions, such as a new target of reducing net greenhouse gas emissions by at least 55 per cent by 2030 compared to 1990 levels, a legal objective for the Union to reach climate neutrality by 2050, a commitment to negative emission after 2050, a requirement for stronger provisions on adaptation to climate change, and stronger coherence across Union policies with regard to the climate neutrality objective (European Union 2021). Reaching the 2030 climate targets"? and, in a more general sense, the fundamental structural shift towards a more sustainable and inclusive future in Europe, will entail massive financial burdens and require significant investments across all the sectors in economy. The Sustainable Europe Investment Plan (the investment pillar of the European Green Deal) intends to mobilise sustainable development-related investments worth at least 1 trillion euros over the next decade through the EU budget (European Commission 2020d, 2-24). b. Circular Economy Action Plan The need for a circular economy has emerged over the past decade due to today’s prevailing consumption culture leading to excessive resource extraction and growing pressures on natural capital and climate. In order to secure that the EU can continue to grow its economy in a sustainable way and improve the living standards of its citizens, a new approach towards materials and products is necessary: a mode of production that promotes the reuse, repair, and recycle of products. This will cut waste and reduce the need for new resources to be extracted at great financial and environmental costs. The adoption of the EU’s Circular Economy Action Plan in 2015 set the Union firmly on the path towards a circular economy, which ensures that most of its material values are preserved, so what was previously considered waste can be used again for making new products. As it reduces the EU’s dependency on primary raw materials, it can serve as a foundation for future sustainability by decreasing the negative impacts of consumption. In March 2020, a new Circular Economy Action Plan was adopted by the European Commission, introducing measures along the entire life cycle of products. The new Action Plan intends to regulate the production/ consumption of goods in many aspects, e.g. by introducing bans on the destruction of unsold durable goods, promoting remanufacturing processes, increasing recycled content in products, and rewarding various goods based on their sustainability performance (European Commission 2020a). Its » The key targets for 2030 are: at least 55 per cent cuts compared to 1990 levels in greenhouse gas emissions, at least 32 per cent share for renewable energy, and at least 32.5 per cent improvement in energy efficiency.
