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2d ago

EU Sets Legally Binding 90% Emissions Cut by 2040 With 3% Credit Flexibility

It phases in up to 3% of credits from developing countries under stringent integrity rules, setting the stage for a 2035 NDC submission to the UN.

European Union flags fly outside the European Commission in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo
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Overview

  • European Commission formally proposed a target to reduce net greenhouse gas emissions by 90% from 1990 levels by 2040.
  • For the first time member states may count international carbon credits for up to 3% of their 2040 goal, phased in from 2036 under robust criteria for origin, timing and verification.
  • Pressure from governments in France, Germany, Italy, Poland and the Czech Republic shaped the inclusion of flexibilities and sectoral allocation choices in the draft.
  • Environmental groups and EU climate science advisers have raised concerns that offset allowances could divert investment from domestic emission reductions.
  • The Commission will derive its 2035 nationally determined contribution from the 2040 target and aims to submit it to the UN by mid-September ahead of COP30.