Environment ministers of the European Union have reached a preliminary agreement on climate objectives for 2040 and have set a new climate plan for 2035.
After marathon negotiations that lasted all day from Tuesday until Wednesday morning, ministers unanimously approved the long-awaited climate plan of the bloc, saving the EU from the embarrassment of showing up empty-handed at this month’s COP30 summit, writes Politico.
The plan, which is a requirement under the Paris Agreement, sets a new EU emissions reduction target by 2035, with values between 66.25% and 72.5% below 1990 levels.
This plan is not legally binding but sets the direction of EU climate policy for the next five years. The range is similar to an informal statement that the EU presented at a climate summit in New York in September.
Ministers have also adopted a legally binding target for reducing emissions in the EU by 90% by 2040.
In addition, governments would be allowed to purchase so-called "carbon credits" for emissions reductions up to 5% of the total 90% reduction.
Ministers also supported a clause allowing the EU to adjust its 2040 target in the future if climate policy proves to have a negative impact on the EU economy.
The agreement also includes a one-year delay in implementing the new carbon market for heating and vehicle emissions in the EU, which is set to start in 2027.
Hungary, Slovakia, Czech Republic, and Poland did not support the 2040 agreement, while Bulgaria and Belgium abstained. The rest of the EU-27 countries supported it.
Members of the European Parliament must now agree on their own position on the 2040 climate target and negotiate with the EU Council before the target becomes law.