EU approves 90-pct cut in greenhouse gas emissions by 2040

BRUSSELS, Dec 10 (KUNA) -- The European Commission on Wednesday welcomed the final agreement reached by EU member states and the European Parliament on reducing greenhouse gas emissions by 90 percent by 2040.
The agreement allows the use of high quality international carbon credits for up to five percent of the required cuts compared to 1990 levels. It sets a clear path toward a fully decarbonised European economy by 2050 and provides certainty for investors and businesses.
European Commission President Ursula von der Leyen said in s press release that the EU is showing strong commitment to climate action and the Paris Agreement, noting that the bloc now has a clear path to climate neutrality and a flexible plan to make the clean transition more competitive.
The deal also permits the use of permanent removals under the EU Emissions Trading System to offset hard to reduce emissions, and introduces biennial assessments to track progress. Implementation of the emissions trading system for buildings, road transport and small industries will be postponed from 2027 to 2028.
The agreement still requires formal approval from the European Parliament and the EU Council before entering into force. (end) arn.gb