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illuminem summarises for you the essential news of the day. Read the full piece on POLITICO or enjoy below:
🗞️ Driving the news: The European Union has reached a compromise on its 2040 climate target, which now mandates an 85% reduction in emissions from 1990 levels by 2040
• This deal was struck after intense negotiations and is aimed at preventing the EU from entering the upcoming COP30 summit without a clear commitment
• In addition, the EU set a non-binding 2035 climate plan to reduce emissions by 66.25% to 72.5% below 1990 levels, providing a framework for future policy
🔭 The context: The deal comes as part of the EU's ongoing effort to meet its climate obligations under the Paris Agreement, but it has drawn criticism for weakening the initial ambition
• The legally binding 2040 target includes provisions allowing the EU to purchase international carbon credits, effectively outsourcing part of its emissions reductions
• Some countries, particularly in Eastern Europe, voiced objections, highlighting concerns about the economic impacts of aggressive climate policies
🌍 Why it matters for the planet: This agreement, while a step toward meeting global climate targets, raises concerns about the adequacy of the EU's commitment in the face of increasingly severe climate impacts
• The use of carbon credits to meet emission reduction targets may allow for necessary flexibility, but could also undermine the effectiveness of the EU's domestic efforts to decarbonize its economy
• The debate over how to balance environmental goals with economic realities remains central to climate negotiations and policy worldwide
⏭️ What's next: The deal now heads to the European Parliament, where lawmakers must agree on their stance before the target becomes law
• While the decision helps the EU avoid embarrassment at COP30, the final agreement could still face significant hurdles in the legislative process
• Furthermore, the delay in the carbon market for heating and car emissions could push back key milestones for cutting emissions in these sectors
💬 One quote: “The deal sets the direction of EU climate policy for the coming five years, but leaves room for adjustment if the economic impacts prove too severe.” — EU Environment Minister
📈 One stat: The EU's 2040 climate target requires an 85% reduction in emissions, but up to 10% of these reductions could be outsourced via international carbon credits
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