European Commission proposes 90 pct cut in emissions by 2040

BRUSSELS -- The European Commission announced on Tuesday its target of slashing net greenhouse gas emissions within the European Union (EU) by 90 percent by the year 2040, as compared to 1990 levels.

A legislative proposal will be made by the next Commission, after the EU elections in June, according to a press release by the Commission.

The target aligns with the EU's commitment made in 2021 to achieve climate neutrality by 2050, with an interim objective of reducing net greenhouse gas emissions by at least 55 percent by 2030, relative to 1990 levels.

Setting a 2040 climate target will provide a clear framework for European industry, investors, citizens and governments to make strategic decisions in the decade, thereby ensuring the EU stays on track to its climate neutrality objective, said the Commission.

It will also boost Europe's resilience against future crises, and notably strengthen the EU's energy independence by reducing reliance on fossil fuel imports, which accounted for over 4 percent of the bloc's GDP in 2022, the Commission added.