On Tuesday, Members of the European Parliament (MEPs) voted to approve a climate objective that aims to cut emissions by 90% by 2040 compared to 1990 levels. This agreement, part of a compromise reached in December between member countries and the European Parliament, allows for up to five percentage points of net emissions to be offset by high-quality international carbon credits from partner countries. The decision saw 413 votes in favor, 226 against, and 12 abstentions, moving the proposal to a formal approval stage by the EU Council, which represents member states.

The European Commission proposed the binding climate target for 2040 in July of the previous year, despite objections from certain states, including the Czech Republic, which sought to postpone the initiative. This proposal was notable as it for the first time included provisions allowing EU countries to use carbon credits from developing nations to achieve their emissions reduction targets. The delay in the implementation of ETS2 permits, now set for 2028, reflects an effort to balance environmental ambitions with the economic realities and concerns of member states.

The approval of this climate target is a significant step in the EU's broader agenda to address climate change and reduce overall emissions. The use of international carbon credits is expected to generate debate, particularly regarding the effectiveness and credibility of such credits in delivering genuine emission reductions. This decision exemplifies the ongoing struggle within the EU to formulate cohesive climate policies that satisfy both environmental objectives and the varied interests of its member states.