EU reaches Emissions Deal Ahead of COP30,Compromising on 2040 Targets
Brussels – After nearly 24 hours of intense negotiations,the European Union has reached a provisional agreement on greenhouse gas emission reduction targets for 2040,just days before the United Nations Climate Change Conference (COP30) in Belém,Brazil. The deal, secured by a majority vote, saw opposition from Slovakia, Hungary, and Poland.
The agreement centers around a 90% reduction in emissions by 2040, compared to 1990 levels – building on a 37% reduction already achieved by 2023. However, the final terms include important concessions to secure consensus, particularly addressing concerns from Italy.
A key element of the agreement allows EU member states to offset up to 5% of their emission reductions through the purchase of international carbon credits to fund projects outside of Europe. A further 5% credit allowance is slated for potential inclusion in a future review of the climate law. this effectively means the required emission cuts for European industries could fall to 85%, with other nations compensated for reductions on Europe’s behalf. Initially,the European Commission proposed a limited 3% allowance for international carbon credits starting in 2036.
The deal also includes a one-year postponement - from 2027 to 2028 – of expanding the EU’s carbon market to include road transport and building heating, a concession secured by Hungary and Poland. Ministers agreed on a 2035 emissions reduction target range of 66.25% to 72.5%.
The agreement establishes a bi-annual review clause for climate legislation, allowing for adjustments to future goals.
“Setting a climate target is not just choosing a number; it is a political decision with far-reaching consequences for the continent,” stated Danish Climate Minister Lars Aagaard. “Therefore, we also work to ensure that this goal can be achieved in a way that preserves competitiveness, social balance and security.”
The EU sought to finalize this agreement before COP30 to ensure a unified position on nationally Resolute Contributions (NDCs) as required by the Paris Agreement. The agreement now requires negotiation with the European Parliament, with a goal of completion before the end of the year.
