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illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: Wopke Hoekstra, the EU's Climate Commissioner, is pushing to align tax policies with climate objectives, aiming for a 90% emissions reduction by 2040
• However, efforts to reform the Energy Taxation Directive face resistance, particularly around aviation and maritime fuel taxation
• Hoekstra will need unanimous support from all 27 EU member states for these changes
🔭 The context: Hoekstra, a former Dutch finance minister, took over the climate portfolio from Frans Timmermans in 2023
• The EU has already set a 55% emissions reduction target for 2030, but key issues, like aviation and maritime fuel taxation, remain contentious
• Recent negotiations failed to resolve disagreements, with Hungary proposing to delay new tax rates until 2049
🌍 Why it matters for the planet: Reforming tax policies could accelerate the shift to cleaner transport and heating solutions, aligning financial incentives with climate goals
• Current exemptions and subsidies for high-polluting sectors undermine the EU’s climate objectives
• Adjusting tax structures could generate funds for sustainable transport alternatives, such as rail
⏭️ What's next: Hoekstra will undergo a confirmation hearing on November 7, where he must secure support from the European Parliament
• Further discussions among EU countries will be necessary to find common ground on energy taxation
• The Commission plans to propose a legally binding 2040 emissions reduction target soon
💬 One quote: “I strongly believe that taxation is a key pricing instrument for driving climate goals,” Hoekstra wrote to MEPs
📈 One stat: The EU's 2040 emissions target aims for a 90% reduction from 1990 levels, cutting output to about one-seventh of current levels
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