A low-carbon economy (LCE), a low fossil fuel economy (LFFE) or a zero carbon economy (ZCE) is an economy based on low-carbon energy sources and therefore has minimal emissions of greenhouse gases into the atmosphere, but specifically refers to the greenhouse gas carbon dioxide. The commitments to global climate protection under the Paris Accord of 2015 lead to the declarations of intent of many other states to be climate-neutral by 2050 and to the European Green Deal – an economy with net zero greenhouse gas emissions.
All sectors of society and the economy will have a role to play – from energy to industry, mobility, construction, agriculture and forestry.Realistic technological solutions will be invested, empowering citizens and coordinating actions in key areas such as industrial policy, finance and research, while ensuring social justice for a fair transition.
The EU Commission’s vision
Back in November 2018, the Commission set out its vision for a climate-neutral EU by examining all key sectors and exploring ways to make the transition. Its vision covers almost all EU policies and is in line with the Paris agreement’s objective of keeping the global temperature increase well below 2°C and continuing efforts to limit it to 1.5°C. On 4 March 2020, as part of the European Green Deal, the Commission proposed the first European climate change law to legally enshrine the goal of climate neutrality by 2050.