EU sets ambitious 90% emissions cut target for 2040

This new target is intended as a milestone on the way to achieving climate neutrality by 2050. It is expected to boost investor and business confidence, create new jobs, and strengthen Europe’s energy security.

The proposal is based on an impact assessment and consultations with EU member states, the European Parliament, experts, citizens, and industry representatives.

The Commission plans a more flexible approach to achieving this goal than in the past, considering options such as a limited role for high-quality international credits, using permanent domestic carbon removals under the EU Emissions Trading System (EU ETS), and allowing greater flexibility across sectors to meet targets in a cost-effective and socially fair way.

In addition, the Commission has presented a package of measures under the so-called Clean Industrial Deal, which combines efforts to cut emissions with maintaining the EU’s economic competitiveness. These measures include a new state aid framework to support investments in clean technologies, tax incentive recommendations to encourage industrial decarbonisation, and a simplified Carbon Border Adjustment Mechanism (CBAM) that will exempt 90% of importers from excessive reporting requirements.

The Commission also noted that the new targets will take into account economic conditions, security issues, and the specific circumstances of individual EU countries. The 2040 target proposal will soon be submitted to the European Parliament and the Council for consideration.

“Ahead of the UN Climate Change Conference (COP30) in Belém (Brazil) in November, the Commission will now work with the Council Presidency to finalise the communication of the EU's Nationally Determined Contribution (NDC),” states the European Commission press release.

Earlier, Kazinform News Agency reported that EU requires €241 billion in nuclear investment to meet 2050 decarbonisation goals.