European Parliament approves target to cut greenhouse gas emissions by 90 pct by '40

BRUSSELS, Feb 10 (KUNA) -- The European Parliament on Tuesday approved a binding target to reduce greenhouse gas emissions in the European Union by 90 percent by 2040 compared with 1990 levels, in a milestone step towards achieving the goal of reaching climate neutrality by mid-century.
Members of the European Parliament voted by 413 votes to 226, with 12 abstentions, in favour of the political agreement with the Council of the European Union on amending the European Climate Law, including the introduction of a new, intermediate and binding 2040 target to cut net greenhouse gas emissions by 90 percent.
This decision comes within the framework of implementing the European commitments set out in the Paris Climate Agreement and strengthening the legislative pathway towards achieving climate neutrality by 2050.
According to a press release by the European Parliament, the amended law introduces a degree of flexibility in how the 2040 target can be achieved, allowing from 2036 up to five percentage points of emissions reductions to be counted using high quality international carbon credits.
These credits may only be used in sectors not covered by the EU Emissions Trading System and must come from countries whose climate targets and policies are compatible with the objectives of the Paris Agreement, with safeguards included to prevent the financing of projects that run counter to the strategic interests of the European Union.
The text also includes the possibility of using domestic permanent carbon removals to compensate for hard to abate emissions within the Emissions Trading System, as well as enhanced flexibility across different sectors and regulatory instruments to achieve the targets at the lowest possible cost, in line with the green transition and strengthening the competitiveness of the European economy.
The text is scheduled to enter into force after it is endorsed by the Council of the European Union, 20 days after its publication in the Official Journal of the European Union.
The European Climate Law legally binds all EU member states to achieve climate neutrality by 2050, and also sets a binding intermediate target of reducing net greenhouse gas emissions by at least 55 percent by 2030 compared with 1990 levels. (end) arn.mt