On Tuesday, the European Parliament voted to officially support a goal to reduce greenhouse gas emissions by 90% compared to 1990 levels by the year 2040. This decision came with the backing of 413 votes in favor and 226 against, allowing for limited use of carbon credits from outside the EU bloc of 27 member states to assist in meeting this ambitious target. However, this agreement is still pending final approval from EU member states, and some compromises have been made to address concerns from certain nations, such as Italy.

As part of the compromise, the final text allows for up to 5% of the emission reductions to be compensated through international carbon credits. Additionally, further provisions could allow another 5% through global carbon markets if necessary. The agreement also postpones the implementation of an emissions trading system for road transport and building heating by one year, now set for 2028, reflecting the balancing act that EU lawmakers must perform to accommodate a variety of member states' concerns.

Opposition has emerged predominantly from the right-wing members of the European political spectrum, who have criticized the plan as an 'aggressive green ideology' that could harm the European economy. Former Polish Prime Minister Mateusz Morawiecki and others have raised alarms about the economic implications of such stringent measures, framing the situation as a potential 'suicide of the European economy,' which highlights the underlying tension between environmental goals and economic stability within the EU.