EU's Bold Climate Target: A 90% Emissions Cut by 2040 Unveiled

The European Union plans to cut planet-warming emissions by 90% by 2040, allowing industries to use foreign carbon credits for 5% of the goal. The agreement, backed by a majority in the EU Parliament's environment committee, awaits full parliamentary approval. Critics argue it weakens the required domestic cuts.

The European Union has set an ambitious target to reduce planet-warming emissions by 90% by the year 2040. Significantly, the plan permits domestic industries to account for up to 5% of this goal using foreign carbon credits, marking a key compromise among EU lawmakers.

The resolution was supported by a majority in the European Parliament's environment committee—49 in favor, 33 against, and 6 abstentions. Despite the fierce negotiations, the proposal must secure a full parliamentary vote before moving forward towards final legislation.

This climate target, although a compromise, is among the most ambitious set by any major global economy and aligns with the EU's commitment to global warming mitigation under the Paris Agreement. However, it faces criticism for potentially increasing living costs and for not fully reaching the 90% reduction using solely local efforts.

(With inputs from agencies.)