EU's Bold Climate Target: A 90% Emission Slashing by 2040

The European Union has approved a new climate target aiming to cut greenhouse gas emissions by 90% by 2040. This decision, reached after tough negotiations, requires significant emission reductions from industries, while allowing for carbon credit payments to developing countries to achieve the target.

The European Union has taken a significant stride in its climate agenda by officially approving a target to cut greenhouse gas emissions by 90% by the year 2040. This ambitious goal, announced on Thursday, demonstrates the EU's commitment to addressing climate change, despite facing political resistance.

The agreement, a result of negotiations among EU governments and lawmakers, insists on an 85% emissions reduction from European industries compared to 1990 levels. To bridge the remaining gap, the EU plans to use carbon credits, paying developing nations to cut emissions on its behalf. Despite opposition from some member states like the Czech Republic and Poland, the measure is now set to become EU law.

This target aligns with the EU's broader aim of achieving net-zero emissions by 2050, although it falls short of recommendations by climate science advisers and initial EU proposals. Further flexibility involves a delayed new EU carbon market launch to 2028 and consideration of more international carbon credit use, addressing concerns from sceptical countries.

(With inputs from agencies.)