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BRUSSELS—The European Commission unveiled its mammoth proposed climate package Wednesday, called “Fit for 55.” It might sound like an exercise video or a dating service, but in fact it’s a package of 12 legislative proposals designed to get the union to its new target to reduce carbon emissions by 55 percent by 2030, raised from 40 percent in December.
It is the largest regulatory proposal ever put forward by any government on climate change, and it will impact many facets of daily life in the European Union, such as how EU citizens and residents refuel their cars and heat their homes, and how much they pay for goods. But the element that’s likely to create the most diplomatic friction is the proposal for a carbon border tax to prevent companies from skirting the tougher proposed EU legislation by shifting production outside the EU.