The European Parliament has formally approved a stringent climate goal to cut greenhouse gas emissions by 90% by the year 2040, voting in favor with a count of 413 to 226. This significant decision comes two months after negotiators from the Parliament and the EU Council reached a consensus on the ambitious target. The new objective is to ensure that emissions do not exceed 10% of the levels recorded in 1990, reinforcing the EU's overarching commitment to achieving climate neutrality by 2050.

In an effort to ease the transition to these stringent targets, the Parliament has permitted that up to 5% of the required cuts can be achieved through the purchase of emission allowances. This approach reflects a recognition of the economic challenges associated with such aggressive climate measures, as well as the need for flexibility in compliance options. The decision embodies the EU's leadership role in global climate policy and sets a precedent for other regions to aim for substantial emission reductions.

Furthermore, the Parliament has decided to postpone the implementation of the second phase of the Emissions Trading System (ETS 2) for the construction and road traffic sectors until 2028. This delay reflects an understanding of the complexities involved in these sectors and provides additional time for stakeholders to adapt to the new regulations, ensuring that the transition to a more sustainable economy is as smooth as possible.