LEGAL ANALYSIS: FEASIBILITY STUDY OF AN EU LEGISLATIVE ACT BANNING NEW FOSSIL FUEL PROJECTS
…When confronted with the disastrous climate impacts around the globe and the rapidly shrinking carbon budget left to still stand a chance to limit global heating to 1.5°C and thus stop the climate crisis from further escalating, sufficient measures are needed to rapidly cut global greenhouse gas emissions and reach carbon neutrality as fast as possible.
Fossil fuels – coal, oil and gas – are by far the largest contributor to the global climate crisis, accounting for over 75% of global greenhouse gas emissions and nearly 90% of all CO2 emissions. Therefore, the step we most urgently need to take is stopping fossil fuel expansion, and phasing them out for good.
Policies focusing solely on reducing demand for fossil fuels have been insufficient to reduce global greenhouse gas emissions in line with the 1.5°C scenario, and supply-side policies are gaining more and more foothold. Research shows that there is no room for new fossil fuel projects within a 1.5°C compatible carbon budget. The Greenpeace European Unit has therefore sought legal advice on the feasibility of an EU-wide ban on all new fossil fuel projects…