European Union Sets Ambitious but Compromised Climate Goal of 90% Emissions Cut by 2040
In a significant step towards achieving climate neutrality, the European Union has agreed to slash greenhouse gas emissions by an astonishing 90%, compared to 1990 levels. This provisionally agreed target falls short of the original recommendation made by the EU's climate science advisors but surpasses that of other major economies like China.
The landmark deal, which has been months in the making, was a delicate balancing act between countries pushing for deeper cuts and others arguing that such drastic measures would be too burdensome on industries already struggling with high energy costs. The compromise aimed to strike a balance between taking decisive action on climate change and safeguarding competitiveness and security.
To achieve this ambitious goal, European industries will need to reduce their emissions by 85% and sell carbon credits to developing nations to make up the remaining 15%. In an effort to mitigate the impact of this policy shift, the EU has also agreed to use additional international carbon credits (up to five percent) to soften the blow on industry and delay a proposed carbon tax for fuel by a year.
While the reduced target still makes Europe more committed than most other major polluters β it has already cut emissions by 37% since 1990, in contrast to the US's paltry 7% reduction over the same period β it is worth noting that the EU's climate ambitions remain significant. The European Union's long-term goal of achieving climate neutrality by 2050 remains unchanged.
However, this deal must still be ratified by the EU parliament and individual countries before becoming law. Despite its pre-agreed status, there may be some opposition to this compromise within the bloc. Nevertheless, the EU's commitment to tackling climate change marks a significant step forward in global efforts to address this pressing issue.
In a significant step towards achieving climate neutrality, the European Union has agreed to slash greenhouse gas emissions by an astonishing 90%, compared to 1990 levels. This provisionally agreed target falls short of the original recommendation made by the EU's climate science advisors but surpasses that of other major economies like China.
The landmark deal, which has been months in the making, was a delicate balancing act between countries pushing for deeper cuts and others arguing that such drastic measures would be too burdensome on industries already struggling with high energy costs. The compromise aimed to strike a balance between taking decisive action on climate change and safeguarding competitiveness and security.
To achieve this ambitious goal, European industries will need to reduce their emissions by 85% and sell carbon credits to developing nations to make up the remaining 15%. In an effort to mitigate the impact of this policy shift, the EU has also agreed to use additional international carbon credits (up to five percent) to soften the blow on industry and delay a proposed carbon tax for fuel by a year.
While the reduced target still makes Europe more committed than most other major polluters β it has already cut emissions by 37% since 1990, in contrast to the US's paltry 7% reduction over the same period β it is worth noting that the EU's climate ambitions remain significant. The European Union's long-term goal of achieving climate neutrality by 2050 remains unchanged.
However, this deal must still be ratified by the EU parliament and individual countries before becoming law. Despite its pre-agreed status, there may be some opposition to this compromise within the bloc. Nevertheless, the EU's commitment to tackling climate change marks a significant step forward in global efforts to address this pressing issue.