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1. In order to reach the climate-neutrality objective set out in Article 2(1), the binding Union 2030 climate target shall be a domestic reduction of net greenhouse gas emissions (emissions after deduction of removals) by at least 55 % compared to 1990 levels by 2030. When implementing the target referred to in the first subparagraph, the relevant Union institutions and the Member States shall prioritise swift and predictable emission reductions and, at the same time, enhance removals by natural sinks. In order to ensure that sufficient mitigation efforts are deployed up to 2030, for the purpose of this Regulation and without prejudice to the review of Union legislation referred to in paragraph 2, the contribution of net removals to the Union 2030 climate target shall be limited to 225 million tonnes of CO2 equivalent. In order to enhance the Union’s carbon sink in line with the objective of achieving climate neutrality by 2050, the Union shall aim to achieve a higher volume of its net carbon sink in 2030.

2. By 30 June 2021, the Commission shall review relevant Union legislation in order to enable the achievement of the target set out in paragraph 1 of this Article and the climate-neutrality objective set out in Article 2(1) and consider taking the necessary measures, including the adoption of legislative proposals, in accordance with the Treaties. Within the framework of the review referred to in the first subparagraph and future reviews, the Commission shall assess in particular the availability under Union law of adequate instruments and incentives to mobilise the investments needed, and propose measures as necessary. From the adoption of the legislative proposals by the Commission, it shall monitor the legislative procedures for the different proposals and may report to the European Parliament and to the Council on whether the foreseen outcome of those legislative procedures, considered together, would achieve the target set out in paragraph 1. If the foreseen outcome would not deliver a result in line with the target set out in paragraph 1, the Commission may take the necessary measures, including the adoption of legislative proposals, in accordance with the Treaties.

3. With a view to achieving the climate-neutrality objective set out in Article 2(1) of this Regulation, a Union-wide climate target for 2040 shall be set. To that end, at the latest within six months of the first global stocktake referred to in Article 14 of the Paris Agreement, the Commission shall make a legislative proposal, as appropriate, based on a detailed impact assessment, to amend this Regulation to include the Union 2040 climate target, taking into account the conclusions of the assessments referred to in Articles 6 and 7 of this Regulation and the outcomes of the global stocktake.

4. When making its legislative proposal for the Union 2040 climate target as referred to in paragraph 3, the Commission shall, at the same time, publish in a separate report the projected indicative Union greenhouse gas budget for the 2030-2050 period, defined as the indicative total volume of net greenhouse gas emissions (expressed as CO2 equivalent and providing separate information on emissions and removals) that are expected to be emitted in that period without putting at risk the Union’s commitments under the Paris Agreement. The projected indicative Union greenhouse gas budget shall be based on the best available science, take into account the advice of the Advisory Board as well as, where adopted, the relevant Union legislation implementing the Union 2030 climate target. The Commission shall also publish the methodology underlying the projected indicative Union greenhouse gas budget.

5. When proposing the Union 2040 climate target in accordance with paragraph 3, the Commission shall consider the following:

(a) the best available and most recent scientific evidence, including the latest reports of the IPCC and the Advisory Board;

(b) the social, economic and environmental impacts, including the costs of inaction;

(c) the need to ensure a just and socially fair transition for all;

(d) cost-effectiveness and economic efficiency;

(e) competiveness of the Union’s economy, in particular small and medium-sized enterprises and sectors most exposed to carbon leakage;

(f) best available cost-effective, safe and scalable technologies;

(g) energy efficiency and the ‘energy efficiency first’ principle, energy affordability and security of supply;

(h) fairness and solidarity between and within Member States;

(i) the need to ensure environmental effectiveness and progression over time;

(j) the need to maintain, manage and enhance natural sinks in the long term and protect and restore biodiversity;

(k) investment needs and opportunities;

(l) international developments and efforts undertaken to achieve the long-term objectives of the Paris Agreement and the ultimate objective of the UNFCCC;

(m) existing information on the projected indicative Union greenhouse gas budget for the 2030-2050 period referred to in paragraph 4.

6. Within six months of the second global stocktake referred to in Article 14 of the Paris Agreement, the Commission may propose to revise the Union 2040 climate target in accordance with Article 11 of this Regulation.

7. The provisions of this Article shall be kept under review in light of international developments and efforts undertaken to achieve the long-term objectives of the Paris Agreement, including with regard to the outcomes of international discussions on common time frames for nationally determined contributions.