EU agrees weakened climate target in final-hour deal for COP30

"The weakened target would let countries buy foreign carbon credits to cover up to 5pc of the 90pc emissions-cutting goal. That would effectively weaken to 85pc the emissions cuts required from European industries, and pay foreign countries to cut emissions on Europe's behalf to make up the rest. The EU also agreed to consider the option, in future, to use international carbon credits to meet a further 5pc of the 2040 emissions reductions - potentially shaving another 5pc off the domestic target."

"The U.N. asked all governments worldwide to submit 2035 climate plans before the COP30 climate summit opens on Thursday. "Setting a climate target is not just picking a number, it is a political decision with far-reaching consequences for the continent," said Danish climate minister Lars Aagaard. "Therefore, we have also worked to provide comfort that it can be reached in a way that preserves competitiveness, social balance and security.""

EU climate ministers approved a compromise target to reduce emissions 90% by 2040 from 1990 levels while allowing flexibilities to use foreign carbon credits. Countries can use international credits to cover up to 5% of the 90% goal, effectively lowering the domestic industry reduction requirement to 85%, and the EU may consider a further 5% in future. A 2035 interim target range of 66.25–72.5% was agreed. The launch of a new EU carbon market was delayed to 2028. Poland, Slovakia and Hungary opposed the 2040 target on competitiveness grounds but did not block approval.

Read at Irish Independent