European Climate Policy: Historical Development, Achievements and Critical Assessment

Since the early 1990s the European Union tries to play a central role in global climate policy. It has specified ambitious targets for emission reductions and carbon neutrality and introduced innovative new instruments for climate policy such as the first multi-national emission trading system. After discussing the global framework in which the EU policy is embedded, we highlight the various dimensions of the EU climate policy during the last thirty years. As we document, greenhouse gas emissions have been reduced quite significantly. But we also argue that this was probably not achieved in the cheapest and most efficient way.