The European Commission should propose to count the carbon credits purchased from other countries towards the climate objective of the European Union in 2040, a committee document seen by Reuters watch.
The Commission should offer a legally binding EU climate objective for 2040 on July 2.
The EU executive had initially planned a drop in net programs of 90%, against the 1990 levels, but in recent months, sought to make this objective more flexible, in response to the setbacks of governments such as Italy, Poland and the Czech Republic, concerned by the cost.
A summary of the internal commission of the upcoming proposal, seen by Reuterssaid the EU would be able to use “high -quality international credits” from a carbon credits market supported by the UN to reach 3% of emissions to the 2040 target.
The document indicated that the credits would be gradually gradually in 2036, and that the EU’s additional legislation would later set out the original and quality criteria that credits must meet, and details on how they would be purchased.
This decision would in fact facilitate the programs’ discounts – and the investments required – of the European industries necessary to achieve the target of reduction of 90%emissions. For the part of the objective achieved by credits, the EU would buy “credits” in projects that reduce CO2 emissions abroad – for example, forest catering in Brazil – rather than reducing emissions in Europe.
Supporters say that these credits are a crucial means of raising funds for CO2 Cup projects in developing countries. But recent scandals have shown that certain credit generating projects have not offered the climatic services they have claimed.
The document said that the Commission will add other flexibilities to the target of 90%, while Brussels will try to contain the resistance of governments that find it difficult to finance the green transition alongside priorities, including defense and industries that say that ambitious environmental regulations affect their competitiveness.
These include the integration of project credits that remove CO2 from the atmosphere on the EU carbon market so that European industries can buy these credits to compensate for some of their own emissions, according to the document.
The project would also give countries more flexibility on the sectors of their economy to reach the target of 2040, “to support the achievement of targets in a profitable manner”.
A commission spokesperson refused to comment on the upcoming proposal, who could still change before her publication next week.
EU countries and the European Parliament must negotiate the final objective and could modify what the Commission offers.