Explained: The EU’s Eleventh Hour Climate Talks Before COP30
European Union member states reached a new agreement on climate targets after marathon negotiations extending into the early morning. The deal sets a goal to cut greenhouse gas emissions by 90% by 2040 compared to 1990 levels.
Securing the agreement required significant compromises due to concerns from several countries about the economic impact of mandatory emission reductions.
“Reaching a deal hasn’t been easy, and as the Rapporteur I'm really happy we got the necessary majority behind our agreement,” says Niels Fuglsang, Member of the European Parliament.
Key Concessions in the Agreement
- Up to 5% of the 90% emissions reduction target can be met using international carbon credits, reducing the domestic reduction requirement to 85%.
- An additional 5% in carbon credits is allowed in emergency situations.
- These credits must contribute to decarbonisation projects outside the EU and comply with Article 6 of the Paris Agreement.
The European Commission's initial proposal from July restricted international carbon credits to 3% of the target and allowed them only starting in 2036, but the final deal expanded their use.
Summary
The EU has set ambitious 2040 climate goals but balanced domestic reductions with increased reliance on international carbon credits to address economic concerns.
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