EU plans to add carbon credits to new climate goal, document shows
By Kate Abnett
Brussels (Reuters) -Is the European Commission, according to a commission certificate by Reuters, will propose that carbon loans purchased from other countries be counted for the 2040 climatic target of the European Union.
On July 2, the Commission will propose a legally binding EU climate target for 2040.
The EU executive initially planned a 90% net emission reduction against the 1990 levels, but in recent months, it has tried to make it more flexible in response to the return of governments, including Italy, Poland and the Czech Republic.
The internal commission summary of the upcoming proposal by Reuters said that he could use “high -quality international loans” from an UN -supported carbon loan market to meet 3% of the EU emissions towards the 2040 target.
The document said that the loans will be done gradually from 2036 and that the additional EU legislation will then determine the start and quality criteria that should be met by loans and the details of how to buy.
The movement will facilitate emission cuts and necessary investments from the European industries, which should reach the target of 90% emissions. For the share of the target, the EU would buy CO2 emissions abroad, for example, in Brazil, instead of reducing emissions in Europe, the EU would buy “credit” from projects that reduce forest restoration in Brazil.
Fans say that these loans are a very important way to collect money for CO2 cutting projects in developing countries. However, the latest scandals showed that some of the projects that produce credit did not provide the climate benefits they claim.
In the document, Brussels said that the commission will add other flexibility to its target for 90% of its target, as it tries to resist the governments of struggling to finance the green transition, including defense, and ambitious environmental arrangements damaging the competitiveness.
They are included in the integration of CO2 from the atmosphere of the EU to the carbon market, thus purchasing these loans to balance some of the European industries to balance some of their emissions.
The draft will also provide more flexibility by the sectors in their economies to reach the 2040 target to “support the realization of targets in a costly manner.”
A commission spokesman refused to comment on the upcoming proposal that could still change before it was released next week.
The EU countries and the European Parliament should negotiate the final objective and change what the commission proposes.
(Reporting by Kate Abnett, editing by Timothy Heritage)
