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https://reneweconomy.com.au/eu-sets-flexible-target-of-cutting-emissions-by-90-pct-by-2040-but-delays-new-carbon-market/>
"EU climate ministers have agreed to a 2040 climate change target after
watering down the goal in last-minute negotiations, as they raced to clinch the
deal before the UN COP30 summit in Brazil.
After negotiating late into Tuesday night, climate ministers from European
Union countries approved in a public vote a compromise to cut emissions 90 per
cent by 2040, from 1990 levels, but with flexibilities to weaken this aim.
The weakened target would let countries buy foreign carbon credits to cover up
to five per cent of the 90 per cent emissions-cutting goal.
That would effectively weaken to 85 per cent the emissions cuts required from
European industries, and pay foreign countries to cut emissions on Europe’s
behalf to make up the rest.
The EU also agreed to consider the option, in future, to use international
carbon credits to meet a further five per cent of the 2040 emissions reductions
– potentially shaving another five per cent off the domestic target.
Additionally, countries agreed a 2035 target to cut emissions in a range of
66.25-72.5 per cent.
The UN asked all governments worldwide to submit 2035 climate plans before the
COP30 climate summit opens on Thursday.
“Setting a climate target is not just picking a number, it is a political
decision with far-reaching consequences for the continent,” Danish Climate
Minister Lars Aagaard said on Wednesday.
“Therefore, we have also worked to provide comfort that it can be reached in a
way that preserves competitiveness, social balance and security.”
In a further effort to win over sceptical countries, the EU also agreed to
weaken other politically sensitive climate policies, including by delaying the
launch of an upcoming EU carbon market by one year, to 2028.
Still, a handful of countries including Poland, Slovakia and Hungary opposed
the 2040 climate target on the grounds it would hit industries’
competitiveness.
Their opposition was not enough to block the agreement, which needed backing
from at least 15 of 27 member states.
The deal meant the EU will not go empty-handed to COP30, where European
Commission President Ursula von der Leyen will meet other world leaders on
November 6."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
