EU PROPOSES INTERNATIONAL CO2 CREDITS FOR NEXT CLIMATE GOAL- In a bid to reach net zero emissions by 2050.
The European Commission today has proposed an EU climate target for 2040 that, for the first time, will allow countries to use carbon credits from developing nations to meet a limited share of their emissions goal.
The European Union executive proposed a legally-binding target to cut net greenhouse gas emissions by 90% by 2040, from 1990 levels, to keep the EU on course for its core climate aim to reach net zero emissions by 2050.
But following opposition from governments including France, Germany, Italy, Poland and the Czech Republic, the Commission also proposed flexibilities that would soften the 90% emissions target for European industries.
The EU has among the most ambitious climate targets of any major economy. So far, EU emissions targets have been based entirely on domestic emissions cuts.
