The European Commission announced today a new proposed climate target, aiming to reduce net greenhouse gas (GHG) emissions across the EU by 90% by 2040, compared to 1990 levels.
The new target introduces several key proposed changes from the EU’s current goals, including the ability to utilize international carbon credits to achieve a portion of the 2040 target, and for carbon-intensive industries in the scope of the EU Emissions Trading System (EU ETS) to use domestic carbon removals for allowances to compensate for residual emissions from hard to abate sectors.
The Commission said that the proposal marked a “more pragmatic and flexible way to reach the target,” and noted that it took into account “the current economic,
