European Union lawmakers have reached a comprehensive agreement on a target to reduce greenhouse gas emissions by 90% from 1990 levels by 2040. The deal allows for a portion of these cuts to be achieved through the purchase of carbon credits from projects outside Europe, with up to 5% of the reductions accounted for in this manner. This provision was included to address concerns from several EU countries, including Italy, which had expressed reservations about the ambitious emissions reduction goal.

The European Union has been at the forefront of global efforts to address climate change, having already achieved a 37% reduction in emissions since 1990. The bloc’s commitment to climate action is significant, as it is the fourth-largest emitter of greenhouse gases globally, behind only China, the United States, and India. The agreement marks a crucial step towards achieving the EU’s climate objectives, with the emissions reduction target being one of the most ambitious in the world.

As part of the agreement, the implementation of an emissions trading system for road transport and heating buildings has been delayed by one year, until 2028, following pressure from Poland and Hungary. Additionally, the EU may allow member states to use international carbon credits to meet up to a further 5% of their emissions reduction targets in the future.

The deal is subject to formal approval by the 27 EU member states and the European Parliament. Once ratified, the agreement will provide a framework for the EU’s climate policy in the coming decades, with the aim of significantly reducing the bloc’s greenhouse gas emissions and contributing to global efforts to mitigate climate change. The EU’s commitment to reducing emissions and transitioning to a low-carbon economy is expected to have a significant impact on the global effort to address climate change, and the agreement is seen as a key step towards achieving this goal.