Europe's New Climate Strategy: Carbon Credits on the Global Stage
The European Commission plans to propose using international carbon credits to meet the EU's 2040 climate target. This could allow flexibility in emissions reductions, particularly under pushback from governments over the financial burden. Details on high-quality credits and additional flexibilities are still under discussion.
The European Commission is poised to suggest a significant shift in its climate strategy by incorporating carbon credits from other countries to achieve the European Union's 2040 climate target, according to a document reviewed by Reuters.
Originally aiming for a 90% cut in net emissions against 1990 levels, the Commission now seeks a more adaptable goal due to resistance from nations such as Italy, Poland, and the Czech Republic. Part of the new strategy involves using international carbon credits to account for 3% of the emissions reductions, with a rollout beginning in 2036.
The proposal faces scrutiny as stakeholders discuss the reliability and impact of carbon credits. It highlights the tension between ambitious environmental goals and the economic constraints faced by member states and industries. Final decisions will involve negotiations with EU countries and the European Parliament.
(With inputs from agencies.)
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