TRANSFORMATION OF EU LEGISLATION TOWARDS THE EUROPEAN GREEN DEAL: CHALLENGES AND OPPORTUNITIES

Abstract

Abstract. The article is devoted to the current problem of climate change and the transformation of the legislation of the European Union in the direction of combating global climate change and degradation of the natural environment. Climate change is a challenge on a planetary scale that is changing the Earth’s climate system and requires joint efforts to curb this trend. Achieving the goals of the Paris Agreement is possible only by joining international efforts. The European Green Deal and the European Climate Law represent an ambitious and important step. These initiatives demonstrate the serious commitment of the European Union to respond to climate challenges and ensure sustainable and balanced development on the continent. The Action Plan, aimed at achieving climate neutrality by 2050, commits member states to drastic reductions in greenhouse gas emissions, provides tools to monitor and evaluate progress, and promotes investment in a sustainable green economy. The ambitious package of legislative proposals “Fit for 55” presented by the European Commission is aimed at revising and updating the legislation of the European Union and implementing new initiatives in order to meet climate goals. This package aims to create a coherent and balanced framework for achieving the EU’s climate goals. One of the key aspects of the package is the Emissions Trading System (EU ETS), which regulates CO2 emissions in the energy and electricity sectors, thus achieving climate neutrality. These changes are aimed at reducing emissions by 62% by 2030 and are scheduled to be achieved no later than 2060. In addition, the Carbon Border Adjustment Mechanism (CBAM) is an undeniably important tool to prevent “carbon leakage” through the transfer of production to other countries. This mechanism will work in parallel with the EU ETS emissions trading system, further strengthening the European Union’s climate efforts. The adopted initiatives and preventive measures testify to the serious approach of the European Union to the fight against climate change and the creation of a more sustainable future for its citizens and the world as a whole.