Climate: EU agreement, 90% reduction in emissions by 2040 with flexibility

Milan, 5 Nov. (LaPresse) – European Union environment ministers have reached an agreement on the proposed 2040 emissions reduction target and have defined a new climate plan for 2035. The ministers adopted a legally binding target to reduce emissions in the EU by 85% by 2040. The agreement provides for a further 5% reduction to be achieved by outsourcing pollution reduction abroad through the purchase of international carbon credits. In addition, governments would be allowed to use credits to outsource another 5 percentage points of their national emission reduction targets. This was reported by Politico. Ministers also supported a wide-ranging review clause allowing the EU to adjust its 2040 target in the future if climate policy proves to have a negative impact on the Union’s economy. The agreement also provides for a one-year delay in the implementation of the new EU carbon market for heating and car emissions, which is scheduled to start in 2027.