EU Reaches Tentative Deal to Set 90% Emissions Cut Goal for 2040
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The European Union clinched a deal to reduce greenhouse gases by 90% through 2040 compared with 1990 levels, a target that seeks to keep the bloc on track to reach net zero by the middle of the century.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — The European Union clinched a deal to reduce greenhouse gases by 90% through 2040 compared with 1990 levels, a target that seeks to keep the bloc on track to reach net zero by the middle of the century.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Representatives of the European Commission, the bloc’s parliament and member states in the EU Council reached a tentative agreement on the final shape of the climate law at a meeting in Brussels in the early hours of Wednesday, according to Denmark, which holds the nation group’s rotating presidency.“Today, Europe has united around our clear direction for climate policy — based in science and protecting our security and competitiveness,” said Danish Climate Minister Lars Aagaard. “The target delivers on the need for climate action while safeguarding our competitiveness and security.” Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.A key element of the deal is the EU allowing international carbon credits to account for a greater share of emissions reductions. The limit was set at 5 percentage points of emissions reductions, compared with 3 percentage points originally proposed by the commission. That means the effective goal for the 27-nation bloc will be to reduce domestic emissions by 85%.The EU already has two binding targets: net zero emissions in 2050 and a 55% cut by 2030 from 1990 levels. But the broad consensus on climate action that prevailed five years ago has fractured, giving way to trade protectionism and policies that prioritize lowering energy costs. That’s made the 2040 target a highly sensitive issue.The deal reached in the so-called trilogue format will now need to be approved by member states and the European Parliament to become a law. It also includes a one-year delay to a new carbon market for transport and heating fuels until 2028. A group of countries and lawmakers had demanded the postponement of the cap-and-trade program on concerns it would boost energy prices and trigger a backlash from voters.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2025 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.