Context: The Fit for 55 packages is a set of proposals aimed at revising and updating EU legislation and implementing new initiatives to align EU policies with the climate goals agreed by the Council and the European Parliament.
- The package is named after the EU’s target of reducing net greenhouse gas emissions by at least 55% by 2030.
- Some of the initiatives include– Extension to emissions from maritime transport. Reduction of emissions allowances. Implementation of the global carbon offsetting and reduction scheme for international aviation. Increase funding for an innovation fund. Revision of the market stability reserve.