BRUSSELS, Dec. 10 (Xinhua) -- The European Parliament announced on Tuesday that it and the Council of the European Union reached a provisional political agreement on Tuesday evening to amend the European Climate Law, aiming to reduce the EU's net greenhouse gas emissions by 90% by 2040 compared to 1990 levels, setting a new medium-term binding target for achieving climate neutrality by 2050.
According to the agreement, legislatures agreed to introduce more flexibility for member states in achieving the 2040 target. From 2036, member states can offset their emission reduction targets by purchasing international carbon credits from other partner countries, but the maximum reduction cannot exceed 5 percent of their 1990 emissions.
The agreement also postpones the launch of a carbon emissions trading system covering buildings and road transport from 2027 to 2028.
Under the agreement, the European Commission will assess member states' progress toward the medium-term target every two years, taking into account the latest research data, technological developments, and the EU's competitiveness. If necessary, the European Commission can propose amendments after the assessment, including adjustments to the 2040 target or the introduction of additional supporting measures.
The European Parliament will vote on this informal agreement, and the European Council must also approve it. The agreement will come into effect 20 days after its publication in the Official Journal of the European Union.
In 2021, the EU adopted the European Climate Law, establishing achieving climate neutrality by 2050 as a legal obligation for member states and setting a binding target of reducing net greenhouse gas emissions by at least 55% from 1990 levels by 2030. Setting a 2040 greenhouse gas emission reduction target is seen as an important step for the EU in fulfilling its international climate commitments.
