EU to add international CO2 credits to next climate goal

Previous EU emissions targets have been based entirely on domestic emissions cuts

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BRUSSELS - The European Commission will on July 2 propose an EU climate target for 2040 that for the first time will allow countries to use carbon credits from developing nations to meet a limited share of their emissions goal, a draft of the proposal showed.

The draft, seen by Reuters, said the European Union executive would propose a legally binding target to cut net greenhouse gas emissions by 90 per cent by 2040, from 1990 levels, with the aim of keeping the EU on course for its core climate aim to reach net-zero emissions by 2050.

But following pressure from governments including France, Germany, Italy, Poland and the Czech Republic, the draft EU proposal includes flexibilities that would soften the 90 per cent emissions target for European industries.

Previous EU emissions targets have been based entirely on domestic emissions cuts.