COP31 president-designate Murat Kurum has launched a target for 35% of the world's final energy to come from electricity by 2035, aiming to keep the 1.5C Paris Agreement target within reach. The urgency for renewables and electrification is highlighted due to the ongoing Hormuz crisis, with countries like the EU, UK, Canada, Brazil, and Ethiopia welcoming the target. This initiative focuses on electrification as a key action agenda to drive progress in reducing global emissions, particularly in critical sectors like buildings, transport, and industry. Financial support for developing countries and investment in grids and infrastructure are crucial, with the target aiming to triple renewable energy capacity and take advantage of falling costs. Turkey is also taking ambitious steps, planning to reach 120GW of renewable capacity by 2035, with the target expected to be central to discussions at COP31 to align global efforts and send a clear market signal.
Tag: EU
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Press Release: Fashion brands urge governments to fix the economics of resale and repair
Nearly 70 fashion and textile organizations, including big names like H&M Group and Zalando, are urging governments in the EU, US, and Canada to implement policy changes to incentivize circular fashion business models. The Ellen MacArthur Foundation report shows that targeted changes could significantly increase profit margins for resale and repair, with the goal of making circular fashion more economically viable and accessible to consumers. The statement calls for reduced VAT, lower labor taxes, and Extended Producer Responsibility to fund infrastructure for collecting and sorting clothing at scale. The foundation aims to accelerate the transition to a circular economy by 2030 in the areas of fashion and textiles, critical minerals, and plastics and packaging, ultimately reducing the environmental impact of the fashion industry.
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Taxing Fossil Fuel Profits
A new study recommends implementing profit-based taxes on fossil fuel companies in the EU to finance the energy transition, protect consumers, and support energy savings and electrification. The goal is to redirect capital towards clean energy, strengthen Europe's energy security, and achieve climate goals. Measures include introducing a differentiated corporate tax framework, extending taxation of windfall profits, and establishing an EU-level methodology to monitor price pass-through. Additionally, there is a focus on protecting workers in the fossil fuel sector and recycling revenues from fossil fuel profit taxes into the energy transition to discourage further fossil fuel expansion and promote the transition to clean energy.
https://cleantechnica.com/2026/02/20/taxing-fossil-fuel-profits/