EU pledges 90 percent cut to carbon emissions by 2040

"The European Union has provisionally agreed to reduce greenhouse gas emissions by 90 percent (based on 1990 levels) by 2040, the EU parliament announced in a press release. That goes beyond the goals of most other major economies, including China, but falls short of the original one recommended by the EU's climate science advisors. "The target delivers on the need for climate action while safeguarding our competitiveness and security," said Denmark's minister Lars Aagaard, who helped negotiate the deal."

"To achieve the target, European industries will need to reduce emissions by 85 percent and sell carbon credits to developing nations to make up the balance. The EU also agreed on an option to use additional international carbon credits (up to five percent) to soften the impact on industry and to delay a carbon tax for fuel by a year to 2028."

"Even with the reduced targets Europe is more committed than all other major polluters, having already cut emissions 37 percent from 1990 levels. During the same period, the US has only managed a reduction of about 7 percent, according to Statista. And under the Trump administration, the US has once again pulled out of the Paris climate accord, scrubbed references to climate change from government sites and promoted polluting energy sectors like coal and gas."

The European Union has provisionally agreed to reduce greenhouse gas emissions by 90 percent from 1990 levels by 2040. The target exceeds most other major economies but falls short of recommendations from climate science advisors. Negotiators balanced concerns from countries like Poland and Hungary about industry costs against pressure from Spain and Sweden to strengthen action and boost green tech competitiveness with China. To meet the goal, European industries must cut emissions by 85 percent and use carbon credit sales to developing nations for the remainder. The deal allows up to five percent additional international credits and delays a fuel carbon tax until 2028. Ratification by the EU parliament and member countries remains required.

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