EU locks in “strong but realistic” emissions reduction target of 90 pct by 2040

The European Union has reached a legally binding climate ​target to reduce greenhouse gas ⁠emissions 90 per cent by 2040, against 1990 levels, and buy foreign carbon credits to cover five per cent ‌of the ​emissions cuts.

The European Parliament ‍issued a statement early on Wednesday, saying the agreement would ⁠require EU industries to cut emissions by 85 per cent and, from 2036, EU nations to pay non-member countries to cut emissions on their behalf to make up the remainder.

The European Parliament and EU countries must each approve the target for it to ‌become law – usually ​a formality that waves through pre-agreed deals.

The agreement goes beyond most other ‍major economies’ emissions-cutting pledges.

Still, the target fell short of that recommended by the EU’s climate change science advisers and was weaker than an original goal, reflecting disagreement between EU governments over the speed and cost of their green agenda.

“This agreement shows that climate, ​competitiveness and independence go hand in hand ‌and sends a powerful message to our global partners,” spokesperson for EU climate commission Wopke Hoekstra said in a statement.

“We agreed on a strong but realistic climate law.”

The target represented ‍a political compromise after months of negotiations in which governments including those of Poland, Slovakia and Hungary opposed deeper carbon dioxide cuts as too strenuous for ​domestic ​industries struggling with high energy costs, ​cheaper Chinese imports and US tariffs.

Other EU ​members, including the Netherlands, Spain and Sweden, cited worsening extreme weather events and the need to catch up with China in manufacturing green technology as reasons for the lofty target.

To win over opponents, the EU also agreed to weaken other politically sensitive climate policies, such as by delaying the launch of a carbon price for fuel by one year ‍to 2028.

Source: Reuters