illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: The European Scientific Advisory Board on Climate Change advises the EU to double its annual emissions reductions and swiftly enact existing green initiatives into law to achieve its climate targets
• This comes ahead of the parliamentary elections in June, with a focus on implementing clean technology and critical mineral development plans

🔭 The context: The EU faces pressure to pass significant climate and industrial policies into law, including the Critical Raw Materials Act and the Net-Zero Industry Act
• These acts are partly in response to U.S. clean technology subsidies and aim to amend outdated energy taxation directives, particularly targeting aviation and shipping sectors

🌍 Why it matters for the planet: Accelerating the implementation of these policies is crucial for maintaining the EU's climate leadership and credibility on the global stage
• Failure to act swiftly could result in the EU falling behind in the global green energy and industrial transition, impacting international efforts to combat climate change

⏭️ What's next: The EU needs to substantially increase its annual emissions cuts from an average of 62 Mt CO2e (2005-2022) to 141 Mt CO2e (2022-2030) to stay on target for reducing emissions by 55% by 2030

💬 One quote: “We cannot afford to lean back now,” (Ottmar Edenhofer, Chair of the European Scientific Advisory Board on Climate Change)

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