EU proposes softer 90 per cent emissions cut by 2040

The European Commission has formally proposed a new climate milestone: a 90 per cent reduction in greenhouse gas emissions by 2040, compared to 1990 levels. This target, unveiled Wednesday, is meant to be the next step towards the EU’s legally binding goal of climate neutrality by 2050.

While the 2030 target of a 55 per cent cut remains in place, the new 2040 goal introduces greater flexibility in response to pushback from member states. Under the proposal, up to 3 per cent of the emissions reduction may be achieved through international carbon credits. This would allow countries to fund climate projects abroad and count those reductions towards their own targets.

The carbon credits would be phased in from 2036. Legislation will be proposed next year to decide what quality standards they will meet and who will buy them. Additionally, countries will get more flexibility in choosing which sectors will contribute more towards the 2040 emission target. 

European Commission president Ursula von der Leyen called the plan “pragmatic and realistic” and said it is a predictable path for industry and investors.

The proposal must now be negotiated and approved by the European Parliament and a reinforced majority of EU countries.

^{© BELGA PHOTO Olivier MATTHYS}