EU reaches climate deal - Aims to cut emissions by 90% by 2040
The European Union agreed to set a legally binding target to reduce greenhouse gas emissions by 90% by 2040, compared to 1990 levels.
In practice, the target will require an 85% reduction in emissions from European industries, as well as payments to developing countries through carbon credits, which will cover the rest.
This target exceeds the pledges of many major economies, including China. However, it fell short of the recommendations of the EU's scientific climate advisers and was weaker than Brussels' original plan, reflecting disagreements between governments over the speed and cost of their green agenda.
The bloc also agreed to explore in the future the possibility of using international carbon credits to achieve an additional 5% reduction in emissions by 2040, potentially facilitating the necessary efforts domestically.
This target, designed to keep Europe on track towards the promise of net-zero emissions by 2050, represents a political compromise after months of negotiations.
Some countries such as Poland, Slovakia and Hungary had opposed deeper carbon dioxide reductions, considering them too burdensome for industries facing high energy costs, cheaper imports from China and tariffs from the United States.
Other EU members, including the Netherlands, Spain and Sweden, cited worsening extreme weather events and the need to catch up with China in green technology production as reasons for setting a high target.
To convince opponents, the EU decided to postpone the entry into force of a controversial carbon tax on fuels by one year, until 2028.
Parliament and the bloc's countries must approve this target for it to become law, a formality that usually goes through pre-agreements.
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