The European Commission is considering including international carbon credits to help meet its 2040 climate target, potentially reducing the effort required from domestic industries, Reuters reports.
Initially set to propose a 90% emissions cut, Climate Commissioner Wopke Hoekstra is now discussing alternatives with member states amid growing political resistance to the EU’s green agenda. This would mean EU countries could buy credits from projects that reduce CO2 emissions abroad and count those emissions reductions toward the EU’s target.
This would be a significant departure, as previous EU climate targets relied solely on national efforts. There has been criticism of the credibility of carbon credit-trading projects, but Countries’ efforts to launch a UN-backed carbon market aim to address those concerns by introducing stronger safeguards so that credits reliably deliver the climate benefits they claim.
Source: Reuters
