EU Parliament okays bloc’s 2040 climate target

illuminem summarises for you the essential news of the day. Read the full piece on The Straits Times or enjoy below:

🗞️ Driving the news: The European Parliament has approved a target to cut greenhouse gas emissions by 90% by 2040 compared to 1990 levels
• This ambitious goal is part of the EU's path to carbon neutrality by 2050, with flexibility for countries to use carbon credits purchased outside the EU to meet some of their targets
• The decision passed with 413 votes in favor and 226 against, but it still requires final approval from EU member states

🔭 The context: The move is part of the EU's broader climate strategy, but environmental groups have criticized the reliance on external carbon credits
• The proposal also includes a one-year delay to implement the emissions trading system for transport and buildings, a delay still being debated among member states

🌍 Why it matters for the planet: The EU's goal is a critical part of global efforts to combat climate change
• However, shifting emissions responsibility through carbon credits could undermine genuine reductions within the EU

⏭️ What's next: The target now requires approval from EU member states
• The EU also urges other major economies to step up their climate actions, as it represents just 6% of global emissions

💬 One quote: “Solidarity and reciprocity do not always go hand in hand,” said EU climate chief Wopke Hoekstra

📈 One stat: The EU has already reduced emissions by 37% since 1990 by 2023

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