The European Commission presented on Wednesday a proposal to reduce net greenhouse gas emissions in the EU by 90% by 2040 compared to 1990 levels.
The authors of the initiative believe that this will create favourable conditions for investment in green technologies and innovation, strengthen the position of European industry in the global market and increase the region’s energy security.
The document provides for new flexible mechanisms aimed at reducing pressure on local industry. In particular, EU countries will be able to use carbon credits purchased from developing countries to offset up to 3 percentage points of their overall emission reduction targets.
This flexible approach will allow member states to compensate for lagging performance in one sector, such as industry, by exceeding their targets in areas such as transport or waste management.
The proposed measures thus mark a departure from the previous strategy, which focused exclusively on domestic emissions reductions. To enter into force, the proposal must be agreed with the European Parliament and approved by a qualified majority of EU member states.
Meanwhile, extreme heat is being experienced across Europe this week, which scientists are directly linking to the effects of climate change.
