The EU's current target is to cut emissions by 20% from 1990 levels by 2020, but scientists have questioned whether such a reduction was sufficient to meet the longer-term of an 80% reduction by 2050.
The new study, under taken 12 research groups, suggests that ramping up that target 40% by 2030 would cost less than an additional 0.7% of economic activity. The study says that this is largely because a 40% cut could be managed with existing technologies, including renewables and nuclear power.
Brigitte Knopf of the Potsdam Institute of Climate Impact Research argued that such targets must be introduced over the next two decades in order to encourage investment in the new technologies that will be needed to maintain decarbonisation in the mid-century. "It would provide an incentive for innocation that would prevent energy systems from being locked into long-lasting investments in CO2-intensive technologies, such as coal-fired power plants."
The findings come as the European commission prepares to announce whether it will scale up its decarbonisation efforts for the next decade.
"By setting targets for 2030, the EU would signal its willingness to contribute to the global climate mitigation effort," said Enrice De Cian of the Euro-Mediterranean Centre on Climate Change, one the the scientists who worked on the new report. She added, "A positive reaction of other countries to this signal could foster technological change and innovation within Europe as well."
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