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.
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