BRUSSELS - The European Commission on Wednesday proposed a revision of the EU Climate Law, setting a target to reduce net greenhouse gas emissions by 90 percent by 2040 compared to 1990 levels. It has also proposed new flexibility mechanisms to ease pressure on European industries.

"We're doing it because it makes sense - from an economic, security and geopolitical standpoint - to stay the course on climate. It's about protecting our people from extreme weather events and global warming," EU Climate Commissioner Wopke Hoekstra told a press briefing.

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The EU Climate Law enshrines the bloc's long-term goal of reaching climate neutrality by 2050 and includes an intermediate target of cutting emissions by at least 55 percent by 2030.

The Commission first proposed the 2040 target in February 2024. However, several industry-heavy member states have voiced concerns, calling the 90 percent reduction unrealistic.

To address these concerns, the Commission has put forward several flexibility measures in this latest proposal. Starting in 2036, member states would be allowed to use high-quality international carbon credits from partner countries to offset up to 3 percent of the EU's 1990 emission levels.

Other measures include incorporating domestic permanent carbon removals into the EU Emissions Trading System and allowing greater flexibility across sectors, for instance, letting countries use surplus reductions from transport or waste to compensate for shortfalls in land use.

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The 2040 target will also serve as a reference point for updating the EU's 2035 Nationally Determined Contribution under the Paris Agreement. Following the first global stocktake in 2023, the EU is required to submit an updated 2035 target ahead of the UN Climate Change Conference in 2025 (COP30) in Belem, Brazil, in November. The Commission has said the 2035 target should be derived from the 2040 goal.

The proposal will now be submitted to the European Parliament and the EU Council for negotiation and adoption under the usual legislative procedure.