On May 17, we hosted Dr. Barbara Botos, Hungary’s Ambassador-at-large for Climate to our Policy Forum to discuss the most recent global and European developments in climate policy.
Dr. Botos started her presentation by introducing COP 28 results emphasizing the importance of the crucial and collective pledge by the states to transition away from fossil fuels toward green investments. Additional key points included the UAE consensus regarding the Global Stocktake (a comprehensive assessment of global progress towards climate goals) and new funding arrangements to respond to Loss and Damage, promoting nature-based solutions.
Regarding climate targets, she noted that in 2023 a significant outcome was the slowdown in emissions within advanced economies, underlining that green and clean energy solutions - e.g., solar pv, electric cars - are increasingly being adopted. However, emerging and developing economies face high capital costs. Furthermore, the goal to triple renewable power capacity by 2030 is off-track, requiring urgent actions such as new infrastructure, adapting policies, strengthening international collaboration, developing a skilled workforce, and scaling up financing.
She also emphasized that Europe is the fastest warming continent. In this respect, the Fit for 55 initiative, which aims to cap 76% of the EU's gross emissions, is essential. However, alongside the 2030 Fit for 55 package, new measures are needed to achieve the intermediate EU target for 2040. The Commission is expected to submit a new legislative proposal, based on a detailed impact assessment, to include the 2040 EU climate policy target.
Additional points included the transitional phase of the Carbon Border Adjustment Mechanism (CBAM) and EU regulation on deforestation, focusing on transparency, non-discrimination, and progressive scope. The Antwerp Declaration for a European Industrial Deal stressed the need for complementary deals, confidence, and legal predictability. The Ambassador also highlighted the importance of Europe remaining a continent of innovation.
The discussion was hosted by Thomas Narbeshuber, Vice President, Head of Central & South Eastern Europe, BASF and the Chair of AmCham's Sustainable Growth Committee.