Climate: European Parliament gives final green light to 2040 emissions reduction target

Brussels – The European Parliament has concluded its deliberations on the interim reduction of greenhouse gas emissions by 90 per cent by 2040 compared to 1990 levels, with a view to achieving climate neutrality in the European Union by 2050. Today (10 February), with 413 votes in favour, 226 against and 12 abstentions, MEPs approved in plenary the political agreement with the Council of the EU on the amendments to the climate law to include the new interim and binding climate target. With today’s vote, Parliament has completed its part of the work. The final (formal) step is up to the Council: once formally approved, the text will be published in the EU Official Journal and will enter into force 20 days later. 

The 90 per cent reduction in emissions will be achieved through flexibility in the methods used to meet the 2040 target. In particular, from 2036 onwards, up to five percentage points of net emissions reductions (two percentage points more than the Commission proposed) may come from high-quality international carbon credits from partner countries. In addition, there will be the possibility of using permanent carbon sinks at the national level to offset emissions that are difficult to reduce under the ETS (Emissions Trading System). For the European Parliament, all the flexibility put in place “aims to achieve the reduction targets in the most cost-effective way, ensuring that the green transition and the strengthening of EU competitiveness go hand in hand.” Other elements of the amendment to the climate law include: postponing the introduction of ETS2, which will cover CO2 emissions from the combustion of fuels in buildings and road transport, by one year, from 2027 to 2028, and the European Commission’s biennial assessment of the EU’s progress. Following this analysis, the Berlaymont Building could also propose an amendment to the European climate law, for example, by changing the 2040 target or adopting additional measures to strengthen the support framework, to safeguard the EU’s competitiveness, prosperity, and social unity.