BRUSSELS – The environmental ministers of the European Union have reached a consensus to dilute the proposed greenhouse gas emission reduction targets for 2040 while also establishing a new climate plan for 2035. After a marathon of negotiations that extended throughout Tuesday and into Wednesday morning, the ministers unanimously approved the long-awaited EU climate plan, thereby shielding the bloc from international embarrassment at this month’s COP30 summit.
This newly formulated plan, necessary under the Paris Agreement, aims to reduce EU emissions by between 66.25% and 72.5% from 1990 levels by 2035. While this plan is not legally binding, it outlines the trajectory for EU climate policy over the next five years, resembling an informal declaration the EU presented during a climate summit in New York this past September.
Binding targets and international emissions credits
The ministers also adopted a legally binding target to cut emissions in the EU by 85% by 2040, with 5% of these reductions anticipated to come from outsourcing emission cuts abroad through the purchase of international emission certificates. Additionally, governments will be allowed to utilize credits to outsource another five percentage points of their national emission reduction goals.
Moreover, a comprehensive review clause was agreed upon, enabling the EU to adjust its 2040 target in the event that climate policy adversely affects the EU’s economy. The agreement also includes a one-year delay in the rollout of the new EU carbon market for heating and vehicle emissions, which is set to begin in 2027.
Mixed reactions from member states
Notably, Hungary, Slovakia, and Poland did not support the 2040 agreement, while Bulgaria and Belgium abstained from voting. The remaining 27 EU member states expressed their support.
Now, legislators in the European Parliament must agree on their own stance regarding the 2040 climate target and negotiate with the EU Council before this target can become law.
“This agreement is a step forward, albeit not without its compromises,” said an insider familiar with the negotiations.