European Union outlines plan to reduce emissions by 90% by 2040
The European Commission has proposed a plan to reduce greenhouse gas emissions by 90% by 2040 compared to 1990 levels, a goal that has been met with both praise and criticism. The plan includes the option for bloc members to offset a portion of their emissions reduction through the purchase of carbon credits from developing countries, a move that has sparked debate among climate groups and experts.
The EU plans to allow up to 3% of its net emissions reduction target by 2040 to be met through high-quality international carbon credits, primarily sourced from projects such as forest restoration in developing countries. This inclusion aims to finance overseas climate mitigation and biodiversity benefits while assisting the EU in reaching cost-effective emissions cuts.
However, criticism and skepticism abound. Many foreign carbon credit programs have been found to be worthless or low-quality, casting doubt on their actual climate benefit. Over 130 climate organizations have signed petitions expressing "extreme concern" about allowing these offsets, fearing this could undermine real emissions reductions within the EU. Critics warn this could weaken domestic climate action by shifting focus and investment away from necessary decarbonization of European industries and infrastructures toward buying cheaper foreign credits.
There is also scientific opposition, with fears that reliance on carbon credits may divert attention and resources from urgently needed clean technology investments. Historically, the EU has banned global carbon credits before due to concerns of cheap, low-quality offsets causing carbon price crashes, showing the risks associated with such mechanisms.
Despite the controversy, the European Commission's new proposal could potentially encourage more participation from member nations. The plan needs to be approved by member states in order to pass. The Commission's climate chief believes the new proposal could be more appealing to skeptical member nations, offering a flexible, cost-effective approach to meeting the ambitious emissions reduction targets.
The cap on foreign offsetting in the plan represents 3% of the overall greenhouse gas emission reduction target for 2040, a figure that reflects the Commission's commitment to prioritizing domestic action. The plan's roadmap for reducing greenhouse gas emissions by 90% by 2040 underscores the EU's determination to lead the way in global climate action.
As the EU moves forward with its plan, it will be crucial to ensure the quality and effectiveness of any international carbon credits used, to avoid undermining the real emissions reductions needed within the EU and to maintain the integrity of the climate action efforts.
[1] European Commission (2021). EU Emissions Trading System. Available at: https://ec.europa.eu/clima/policies/ets_en [2] Carbon Market Watch (2021). EU carbon market reform: What's at stake. Available at: https://carbonmarketwatch.org/eu-carbon-market-reform-whats-at-stake/ [3] European Commission (2021). EU Green Deal. Available at: https://ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal_en [4] Friends of the Earth Europe (2021). The EU's carbon market reform: A golden opportunity to fix a broken system. Available at: https://www.foeeurope.org/publications/2021/eu-carbon-market-reform-a-golden-opportunity-to-fix-a-broken-system
- The EU's new climate policy and legislation, aimed at reducing greenhouse gas emissions by 90% by 2040, has sparked debate in the realm of environmental science, with criticisms arising about the proposed use of international carbon credits.
- Concerns about the use of carbon credits for emissions offsetting in the EU plan have also gained traction in general news, particularly those questioning the effectiveness and quality of foreign carbon credit programs.
- Despite the controversy, this policy remains closely watched by various stakeholders, including climate groups, politicians, and scientists, as its success or failure could significantly impact climate change mitigation efforts on both a domestic and global scale.
