The European Union has committed to a new climate target of cutting emissions by 90% by the year 2040.
The amendment to the existing EU Climate Law offers a “pragmatic and flexible plan”, looking to bring certainty to investors and businesses during the transition away from carbon emission-heavy industry and manufacturing.
The new deal also added a one-year delay to the application of the EU Emissions trading system for buildings, road transport and small industries. After originally being scheduled for 2027, it will now come into effect in 2028.
“Today, the EU is showing our strong commitment to climate action and the Paris Agreement," EU chief Ursula von der Leyen said.
“One month after COP30, we have turned our words into action - with a legally binding target of 90% emissions reduction by 2040.”
