By Kate Abnett

Brussels (Reuters) – The European Commission proposed a climate target for 2040 on Wednesday which, for the first time, will allow countries to use the carbon credits of developing countries to achieve a limited part of their issue in terms of emissions.

The executive body of the European Union has proposed a legally binding objective aimed at reducing net greenhouse gas emissions by 90% by 2040 compared to 1990.

The goal is to maintain the EU on the path of its main climate objective, namely to reach zero net emissions by 2050.

Due to the pressures exerted by various governments including those of France, Germany, Italy, Poland and the Czech Republic, the Commission, however, proposed to grant a certain flexibility which would relax the objective of 90% of the emissions for the European industries.

Among the main economies in the world, the European Union has developed the most ambitious environmental objectives.

Up to three percentage points of the target of 2040 can be covered by carbon credits bought from other countries through a market supported by the UN, which would reduce the effort requested from the national industries.

The carbon credits would be gradually introduced from 2036. The EU will offer legislation next year to establish quality criteria that the credits will have to meet, as well as rules on buyers.

This new environmental objective “gives a clear course to the member industry and states, and supports their investment plans,” said the European Commissioner responsible for the Wopke Hoestra climate in a press release.

“We stay in the race for a clean transition. We know why we do-for economic, security and geopolitical reasons,” he also said.

Countries will also benefit from greater flexibility to choose which sectors of their economy will contribute the most to the target of 2040.

Tensions

Europe is the continent that heats up the most quickly in the world due to climate change.

Ambitious EU policies to combat the rise in temperatures, however, aroused tensions within the block.

While the European Commission has presented its climate program as a means of improving the competitiveness and security of Europe, certain governments and parliamentarians claim that industries suffering from American customs duties and high energy costs cannot afford more strict emission rules.

EU climate scientific advisers have opposed these credits to be taken into account in the objective set for 2040. According to them, the purchase of foreign carbon credits would divert investments from local industries.

Carbon credits are generated by projects that reduce CO2 emissions abroad and make it possible to raise funds for their funding.

However, surveys have shown that certain credits did not bring the environmental advantages they claimed.

EU countries and parliamentarians must negotiate and approve the 2040 objective. This legislative process can take years, but the EU has until mid-September to submit to the UN a new climate objective for 2035, which, according to the Commission, should be derived from target 2040.

(With Michel Rose; Camille Raynaud and Florence Lève, edited by Blandine Hénault)

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