EU Balances Emission Goals with Flexibility Ahead of COP30

EU climate ministers were on the brink of securing a landmark 2040 emissions reduction target early Wednesday, according to a draft document obtained by Reuters. The target aims for a 90% cut from 1990 levels but includes provisions that could lessen this ambition, permitting foreign carbon credit purchases for up to 5% of the goal.

This compromise would effectively reduce the required emissions cuts for EU industries to 85%. The EU plans to amend additional climate policies, including postponing the launch of a new carbon market to 2028, a move to gain support from resistant countries like Poland and the Czech Republic, who fear price hikes.

As discussions continued overnight, EU diplomats declared anticipation for a formal agreement on the target by Wednesday morning. The urgency aligns with the EU's objective to unite its climate stance ahead of the COP30 summit in Brazil, scheduled for November 6, where European leaders aim for a strong presentation.