The European Union will aim to cut greenhouse gas emissions by 90 percent by 2040 under new proposals.
The EU has already committed to cut emissions by 55 percent by 2030 and to reach net zero by 2050. Now the European Commission have proposed an extra stepping stone.
But NGOs fear that the new target contains too many loopholes.
“The EU’s 2040 climate targets should drive a shift away from fossil fuels, starting with an EU ban on new fossil fuel projects, towards renewables and energy-saving, to cut people’s energy bills, make their homes easier to heat and cool, and clean the air they breathe.
Instead the European Commission relies on dodgy accounting and offshore carbon laundering to pretend to hit the lower bound of what its climate scientists advise”, said Thomas Gelin from Greenpeace.
Part of the target – up to 3 percent – can be offset by buying carbon credits from outside Europe.
The European Commission said that the proposals give investors certainty and offer member states “flexibility” to meet the targets.
“Flexibility cannot become a backdoor for deregulation”, warns the Chair of the Environment Committee in the European Parliament, Antonio Decaro.
“Any changes to the 2040 target fixed must be made conditional on respecting scientific rigour and ensuring social equity.”
Data from the EU’s Climate Change Service, Copernicus, warns that Europe is the fastest warming continent.
One US study has suggested that every degree warmer the world gets, results in a cut in GDP of 12 percent.
“As European citizens increasingly feel the impact of climate change, they expect Europe to act. Industry and investors look to us to set a predictable direction of travel.
Today we show that we stand firmly by our commitment to decarbonise European economy by 2050. The goal is clear, the journey is pragmatic and realistic”, said the President of the European Commission, Ursula von der Leyen.
A detailed analysis running to 600 pages was produced for the European Commission a year ago and recommended the 90 percent target.
An EU official admitted that the target had caused a “big debate” internally.
European Commissioner for Climate, Wopke Hoekstra, said the new target is about “becoming more independent and resilient” from oil and gas.
The EU hopes that the green transition will end Europe’s dependence on other parts of the world.
However, many components for solar panels and wind turbines come from elsewhere, particularly China. The EU is trying to diversify these supply chains.
The European Commission says that the 2040 targets will be “less prescriptive” to member states and businesses than 2030 targets.
Earlier this year, the EU warned that Ireland was at risk of failing to reach those 2030 targets.