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EU Agrees on Climate Target to Cut Emissions 90% by 2040, with 5% Carbon Credits
The EU requires industries to reduce emissions by 85% and allows buying foreign carbon credits for up to 5% of reductions, marking a political compromise after months of negotiation.
- On Wednesday, the European Union reached a legally binding deal to cut emissions 90% by 2040 from 1990 levels, allowing 5% of cuts via foreign carbon credits, the European Parliament said.
- EU member states including the Netherlands, Spain and Sweden cited worsening extreme weather and the need to catch up with China in green-technology manufacturing, the European Parliament said.
- The law requires EU industries to cut emissions by 85%, and negotiators agreed to delay the launch of a carbon price for fuel to 2028.
- The European Parliament and EU countries must each approve the target for it to become law, a step usually a formality for pre-agreed deals, and the agreement tightens the EU's climate ambition beyond most other major economies' pledges.
- From 2036, EU nations will begin paying non-member countries to cut emissions on their behalf to make up the remainder, and Wopke Hoekstra said it links climate, competitiveness and independence as 'We agreed on a strong but realistic climate law'.
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COMMENT. The EU is about to agree on a new climate target that will cut emissions by 90 percent. But does it even matter when China and India continue to increase their emissions?
·Stockholm, Sweden
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At a later stage, the EU could, if necessary, allow Member States to offset another 5% of their targets through credit from international carbon markets.
EU members to cut emissions by 90% by 2040 from 1990 mark
The EU has reached a legally binding climate agreement to reduce greenhouse gas emissions by 90% by 2040 from 1990 levels, involving the purchase of foreign carbon credits to cover 5% of the cuts, the European Parliament said.
·Ireland
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Total News Sources37
Leaning Left7Leaning Right3Center8Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 39%
C 44%
R 17%
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