Europe Moves Toward Stricter Climate Commitments

(MENAFN) The European Council and the European Parliament announced on Wednesday that they had forged a preliminary accord to update the European Climate Law.

This compromise establishes a compulsory objective of slashing net greenhouse gas emissions by 90% by 2040 in comparison with 1990 benchmarks.

The newly settled arrangement incorporates additional forms of flexibility intended to assist member nations and various industrial sectors throughout the transition.

It also advances the post-2030 climate architecture to safeguard competitiveness, ensure social equity, reinforce energy reliability, and provide stable long-term investment conditions, according to an official communication.

As a key element of the deal, negotiators consented to defer the start of the EU Emissions Trading System for buildings and road transport (ETS2) from 2027 to 2028.

Within the framework of this pact, the EU will maintain the binding 90% net emissions-cut target for 2040 while also detailing and broadening flexibility tools.

These include the application of “high-quality international carbon credits,” the contribution of permanent domestic removals within the EU ETS, and enhanced cross-sector flexibility measures.

The agreement strives to fortify the supporting framework, prioritizing competitiveness, streamlined processes, technological progress, investment stability, affordable energy, and the preservation of natural carbon sinks.

Furthermore, the compromise strengthens the review procedure by mandating periodic evaluations of competitiveness, energy costs, and net removals. It also requires the Commission to introduce revisions or supplementary actions if advancement is deemed insufficient.

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