Overview

• The European Commission will unveil its legally mandated 2040 climate target on July 2 after delaying it from March due to limited backing.
• The proposal seeks a 90% net reduction in greenhouse gas emissions by 2040 compared with 1990 levels.
• Flexibility measures would set domestic reduction targets below 90% and let member states purchase international carbon credits to cover the remainder.
• Finland, the Netherlands and Denmark support the goal; Italy and the Czech Republic oppose it.
• Germany conditions its support on allowing up to a 3% contribution from international carbon credits.