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EU Commission proposes 2040 climate target

 Syllabus 

GS 3:  Conservation, environmental pollution and degradation, environmental impact assessment

Context:

Recently, the European Commission suggested that the European Union should cut its net greenhouse gas emissions by 90% by the year 2040.

More on the News

  • The carbon credits will start being used from 2036. The EU plans to introduce a law next year to set quality standards for these credits and decide who will be allowed to buy them.
  • The Commission said the proposal was based on a detailed study by the Intergovernmental Panel on Climate Change and the European Scientific Advisory Board on Climate Change.
  • The EU must submit a new 2035 climate target to the U.N. by mid-September. The Commission said this target should be based on the 2040 goal.

About Carbon Credits:

  • A carbon credit is a permit allowing the holder to emit one tonne of CO₂ or its equivalent in other greenhouse gases
  • Used as part of carbon trading systems to reduce global emissions
  • Companies or countries can buy carbon credits to offset their own emissions
  • Encourages investment in renewable energy, forest conservation, and clean technology in developing countries
  • Often traded under mechanisms like the Clean Development Mechanism (CDM) or Voluntary Carbon Market

Key take away

  • The target is a 90% cut in emissions by 2040 compared to 1990 levels but with some flexibility to reduce the pressure on local industries.
  • The proposal allows the EU to buy carbon credits from developing countries and use them to meet 3% of its 2040 emissions target. 
  • This is a new step, as earlier EU targets only included emissions cuts made within its own borders.

About European Union

  • Founded in 1993 through the Maastricht Treaty
  • Headquarters: Brussels, Belgium
  • 27 member countries (after UK exited in 2020)
  • Main objectives: Economic and political integration, common market
  • Common currency: Euro (used by 20 countries in the Eurozone)
  • Key institutions: European Commission, European Parliament, European Council, Court of Justice

Prelims PYQ Linkage 

Consider the following statements 

Statement—I: Carbon markets are likely to be one of the most widespread tools in the fight against climate change. 

Statement—II: Carbon markets transfer resources from the private sector to the State. 

Which one of the following is correct in respect of the above statements? (CSE 2023)

(a) Both Statement—I and Statement—II are correct and Statement—II is the correct explanation for Statement—I 

(b) Both Statement—I and Statement—II are correct and Statement—II is not the correct explanation for Statement—I 

(c) Statement—I is correct but Statement—II is incorrect 

(d) Statement—I is incorrect but Statement—II is correct 

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EU Commission proposes 2040 climate target | Current Affairs