EU member states have agreed to reduce emissions by 90 percent compared to 1990 levels by 2040.

n a statement issued by the European Parliament, it was announced that the European Union has reached a legally binding climate agreement that aims to reduce greenhouse gas emissions by 90% by 2040 compared to 1990 levels and includes the purchase of foreign carbon credits to cover 5% of the reductions.

Under the agreement, EU industries will be required to reduce their emissions by 85%, and from 2036 onwards, EU countries will have to pay non-member countries to reduce emissions on their behalf to complete the remaining portion.

The agreement exceeds most of the emission reduction commitments of other major economies. The target falls short of what the EU's climate change scientific advisors recommended, reflecting disagreement among EU governments over the pace and cost of their green agenda.

The target represents a political compromise reached after months of negotiations, with many governments, including those of Poland, Slovakia, and Hungary, opposing deeper carbon cuts on the grounds that they would be too burdensome for domestic industries struggling with high energy costs, cheaper Chinese imports, and US tariffs.

To win over opponents, the EU agreed to weaken other politically sensitive climate policies, such as delaying the start of carbon pricing for fuels by one year, extending it to 2028.

Source: Reuters
Publisher: Republic of Turkey Ministry of Trade – General Directorate of Trade Research and Risk Assessment

The relevant announcement can be accessed via the link below:
https://ticaret.gov.tr/blog/sektor-haberleri/ab-uyeleri-2040-yilina-kadar-emisyonlari-1990-seviyelerine-gore-90-oraninda-azaltma-konusunda-anlasti