EU has reached a preliminary agreement to reduce greenhouse gas emissions by 90% by 2040

The European Union has reached an agreement to cut greenhouse gas emissions by 90% by 2040 compared to 1990 levels, Bloomberg reports.

Representatives of the European Commission, the bloc’s parliament and member states in the Council of the EU reached a preliminary agreement on the final version of the climate law at a meeting in Brussels early Wednesday morning, Denmark, which holds the presidency of the group of countries, said.

Danish Climate Minister Lars Aagaard said the agreement had united Europe around a clear direction for climate policy that is “based on science and protects our security and competitiveness.”

He stressed that the new target “satisfies the need for climate action while protecting our competitiveness and security.”

The agreement ensures continuity in climate policy, as the EU already has binding targets: a 55% reduction in emissions by 2030 and net zero emissions by 2050.

A key element of the deal is allowing the EU to allow international carbon credits to count towards a larger share of emissions reductions. The cap has been raised to 5 percentage points of reduction, up from the 3 points initially proposed by the Commission.

This means that the effective target for the 27-nation bloc will be to reduce domestic emissions by 85%. The decision comes amid a split in the climate policy consensus, with energy cost cuts and trade protectionism now the priority.

The European Union has already significantly softened key provisions of its 2040 greenhouse gas emissions reduction plan. After lengthy negotiations led by Italy and Romania, the bloc has made concessions that allow it to delay the launch of a controversial carbon pricing system and use international carbon credits to meet part of the targets.

Recall that Ukraine has developed a National Energy and Climate Plan until 2030. It will ensure transparency and monitoring of progress in achieving climate goals, in particular, more than 75% of the emissions reduction plan has already been implemented.

Tags: EU