EU plans to add carbon credits to new climate goal, document shows
BRUSSELS, June 28 (Reuters) - The European Commission is set to propose counting carbon credits bought from other countries towards the European Union's 2040 climate target, a Commission document seen by Reuters showed.
The Commission is due to propose a legally binding EU climate target for 2040 on July 2.
The EU executive had initially planned a 90% net emissions cut, against 1990 levels, but in recent months has sought to make this goal more flexible, in response to pushback from governments including Italy, Poland and the Czech Republic, concerned about the cost.
An internal Commission summary of the upcoming proposal, seen by Reuters, said the EU would be able to use "high-quality international credits" from a U.N.-backed carbon credits market to meet 3% of the emissions cuts towards the 2040 goal.
The document said the credits would be phased in from 2036, and that additional EU legislation would later set out the origin and quality criteria that the credits must meet, and details of how they would be purchased.
The move would in effect ease the emissions cuts - and the investments required - from European industries needed to hit the 90% emissions-cutting target. For the share of the target met by credits, the EU would buy "credits" from projects that reduce CO2 emissions abroad - for example, forest restoration in Brazil - rather than reducing emissions in Europe.
Proponents say these credits are a crucial way to raise funds for CO2-cutting projects in developing nations. But recent scandals have shown some credit-generating projects did not deliver the climate benefits they claimed.
The document said the Commission will add other flexibilities to the 90% target, as Brussels attempts to contain resistance from governments struggling to fund the green transition alongside priorities including defence, and industries who say ambitious environmental regulations hurt their competitiveness.
These include integrating credits from projects that remove CO2 from the atmosphere into the EU's carbon market so that European industries can buy these credits to offset some of their own emissions, the document said.
The draft would also give countries more flexibility on which sectors in their economy do the heavy lifting to meet the 2040 goal, "to support the achievement of targets in a cost-effective way".
A Commission spokesperson declined to comment on the upcoming proposal, which could still change before it is published next week.
EU countries and the European Parliament must negotiate the final target and could amend what the Commission proposes.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
38 minutes ago
- Reuters
Venice protests target Bezos over mounting grievances
ROME, June 28 (Reuters) - Mass tourism, impossibly high rents, worker exploitation, inequality and elitism: Venice, Italy's protests in recent days against Jeff Bezos and Lauren Sanchez's high-profile wedding have highlighted growing global grievances. Local politicians dismissed protesters as a fringe minority. Bezos's fame and Venice's stunning visual backdrop have offered them international visibility which they effectively exploited. "No Space for Bezos" banners draped over the iconic Rialto Bridge and a huge canvas laid out on St Mark's Square urging the tech billionaire to pay more taxes have been seen all over the world. Concerns of greater disruptions forced Bezos and his bride to move their final and biggest celebrity party from the central district to a more isolated venue in the eastern part of the lagoon city. "The idea that the city should be seen as a set, a stage, or an amusement park has been highlighted like never before by Bezos' wedding," Tommaso Cacciari, a frontman for the No Space for Bezos movement, told Reuters. In the final protest on Saturday, around 1,000 residents and activists rallied in front of Venice's train station under a scorching sun, before marching roughly 1.5 kilometres (0.93 miles) to the Rialto Bridge. They carried banners including one proclaiming 'Kisses yes, Bezos no', playing on Venice's reputation as the city of love, and another one saying 'No space for Bezos' with a rocket, in a reference to his Blue Origin space technology company. Venetian businesses and politicians, however, welcomed the event, hailing its major boost for the local economy. Luca Zaia, the regional governor of Veneto around Venice, said the city should be proud of hosting the wedding. Alice Bazzoli, a 24-year-old university student, called Bezos a "hypocrite" for donating 3 million euros ($3.5 million) to Venice while flooding its fragile ecosystem with high-polluting private jets and yachts. Bezos and Sanchez have given 1 million euros each to three Venetian institutions: CORILA, an academic consortium that studies the lagoon, UNESCO's local office, and Venice International University. "I'd love Venice to be tailored for citizens, not for tourists, with affordable housing," Bazzoli told Reuters, complaining that students were being priced out of the market, with the best accommodations offered to visitors. Andrea Segre, a 49-year-old Italian film director born in Venice, said the city was also pushing out ordinary residents. "People aged 25 to 35 — the age group that starts families — cannot afford to live in Venice. The consequence is a lack of diversity and social liveliness," he said. Venice is rapidly depopulating, largely because of the cost of living crisis. Its historic city centre now has fewer than 50,000 residents, compared to more than 100,000 some 50 years ago. The city has hosted scores of other VIP weddings, including that of actor George Clooney and human rights lawyer Amal Alamuddin in 2014, but the latest luxury nuptials have attracted far greater resentment because of Bezos' corporate and political role. The Amazon founder is the world's fourth richest man, and has developed ties with U.S. President Donald Trump, whose daughter Ivanka and son-in-law Jared Kushner were in attendance at the wedding. "Bezos is the embodiment of the most absolute wealth gained through the exploitation of everything around you," 28-year-old student Giulia Cacopardo told Reuters in the run-up to Saturday's march. In Italy, the e-commerce giant has faced criticism and strikes from trade unions over labour practices, and scrutiny over tax compliance. Reuters reported in February that Italian prosecutors were investigating alleged tax evasion worth 1.2 billion. "I would have protested against Bezos even if he had come on a rowboat with just a handful of people ... because he contributed practically, materially and politically to Donald Trump's re-election," protest leader Cacciari said. ($1 = 0.8533 euros)
The Independent
an hour ago
- The Independent
Japan launches a climate change monitoring satellite on mainstay H2A rocket's last flight
Japan on Sunday launched a satellite to monitor greenhouse gas emissions using its mainstay H-2A rocket, which made its final flight before it is replaced by a new flagship designed to be more cost competitive in the global space market. The H-2A rocket successfully lifted off from the Tanegashima Space Center in southwestern Japan, carrying the GOSAT-GW satellite as part of Tokyo's effort to mitigate climate change. The satellite was released into orbit about 16 minutes later. Mitsubishi Heavy Industries, which operates the rocket launch, and Japan Aerospace Exploration Agency, will hold a news conference later Sunday to give further details of the flight. Sunday's launch marked the 50th and final flight for the H-2A, which has served as Japan's mainstay rocket to carry satellites and probes into space with a near-perfect record since its 2001 debut. After its retirement, it will be fully replaced by the H3, which is already in operation, as Japan's new main flagship. The launch follows several days of delays because of malfunctioning of the rocket's electrical systems. The GOSAT-GW, or Global Observing SATellite for Greenhouse gases and Water cycle, is a third series in the mission to monitor carbon, methane and other greenhouse gasses in the atmosphere. It will start distributing data in about one year, officials said. The liquid-fuel H-2A rocket with two solid-fuel sub-rockets developed by Japan Aerospace Exploration Agency has so far had 49 flights with a 98% success record, with only one failure in 2003. Mitsubishi Heavy Industries has provided its launch operation since 2007. H-2A successfully carried into space Japan's moon lander SLIM last year, and a popular Hayabusa2 spacecraft in 2014 to reach a distant asteroid, contributing to the country's space programs. Japan sees a stable, commercially competitive space transport capability as key to its space program and national security, and has been developing two new flagship rockets as successors of the H-2A series — the larger H3 with Mitsubishi, and a much smaller Epsilon system with the aerospace unit of the heavy machinery maker IHI. It hopes to cater to diverse customer needs and improve its position in the growing satellite launch market. The H3, is designed to carry larger payloads than the H-2A at about half its launch cost to be globally competitive, though officials say more cost reduction efforts are needed to achieve better price competitiveness in the global market. The H3 has made four consecutive successful flights after a failed debut attempt in 2023, when the rocket had to be destroyed with its payload.
The Independent
2 hours ago
- The Independent
In Pictures: Glastonbury fans beat the heat as Kneecap and Kaiser Chiefs perform
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference.
