EU clinches deal on tougher climate goal

BRUSSELS－European Union countries struck a deal on the bloc's new climate target on Friday after haggling through the night at a summit in Brussels, pulling the political trigger on a policy revamp to make every sector greener.

Leaders from the 27-country bloc agreed to cut their net greenhouse gas emissions at least 55 percent by 2030 from 1990 levels, upgrading an existing target to cut by 40 percent this decade.

The new target aims to put the EU on track to reach net zero emissions by 2050, a deadline scientists say the world must meet to avert the most catastrophic impacts of climate change.

"Europe is the leader in the fight against climate change. We decided to cut our greenhouse gas emissions... at least 55 percent by 2030," European Council President Charles Michel, who chaired the talks, said on social media.

"It puts us on a clear path toward climate neutrality in 2050," European Commission President Ursula von der Leyen said of the new target.

For Brussels, the deal offers a chance to assert its climate leadership on the global stage. The EU will present its target at a United Nations virtual summit of world leaders on Saturday.

Those proposals will overhaul the EU carbon market, speed a shift to electric vehicles and aim to mobilize the huge low-carbon investments needed－including a requirement for extra energy sector investments of 350 billion euros ($424 billion) a year this decade.

As-good-as-final

The "at least 55 percent" target is as-good-as-final, but will need approval from the European Parliament, which supports a more ambitious 60 percent emissions cut.

"They are setting us up for a tough negotiation," said Jytte Guteland, the parliament's lead lawmaker on the issue.

On Thursday's meeting, EU leaders also reached agreement on the bloc's long-term budget and recovery fund, paving the way for the implementation of the recovery package totaling over 1.8 trillion euros (nearly $2.2 trillion) to tackle the socio-economic consequences of the COVID-19 pandemic.

The landmark recovery package will drive forward EU's green and digital transitions, European Council President Charles Michel said. He underlined that "now we can start with the implementation and build back our economies".

The EU package, also the largest fiscal stimulus package ever that was set up in July, combined the long-term EU budget for 2021-27, or the so-called Multiannual Financial Framework worth nearly 1.1 trillion euros, and the recovery fund, named Next Generation EU, which was financed with a borrowing of 750 billion euros.

In addition to underpinning the EU's recovery from the pandemic, the recovery package was also designed to help transform the EU through its major policies, particularly the European Green Deal, the digital revolution and resilience.

The recovery package needs to be ratified by all member states before coming into effect.

Agencies - Xinhua