EU Agrees on New Climate Targets Ahead of COP30
European Union member states have finalized a new climate agreement after prolonged negotiations that extended into the early morning. The deal sets a bold target to reduce greenhouse gas emissions by 90% by the year 2040, compared to 1990 levels.
Compromises and Economic Concerns
The agreement involved considerable compromises because several countries raised concerns about the economic impact of binding emissions cuts. These discussions shaped the final version of the deal.
Key Quote from the European Parliament
"Reaching a deal hasn’t been easy, and as the Rapporteur I'm really happy we got the necessary majority behind our agreement," said Niels Fuglsang, Member of the European Parliament.
Use of International Carbon Credits
A significant concession was made regarding the use of international carbon credits to meet the 2040 target. Member states agreed that up to 5% of the total 90% reduction can come from these credits, allowing domestic emissions cuts to reach 85% instead.
In addition, an extra 5% contribution from carbon credits is permitted in emergency situations. These credits must be linked to decarbonization initiatives outside the EU and must comply with Article 6 of the Paris Agreement.
Comparison with European Commission's Proposal
- The European Commission's initial proposal in July limited international carbon credits to 3% of the target.
- Those credits would have only been available from 2036 onward.
- The new deal expands this to allow 5% overall, plus an emergency 5% allowance, starting earlier.
This agreement marks a critical step for the EU in its climate ambitions leading up to COP30.
Author's summary: The EU’s revised climate deal sets a 90% emissions reduction by 2040, introduces greater flexibility with international carbon credits, and reflects key compromises to balance ambitious goals with economic concerns.