• EU climate ministers reached a deal to cut greenhouse gas emissions by 90% by 2040.
• The compromise allows the use of international carbon credits to meet part of the goal.
• Some member states, like Poland and Hungary, opposed the target, worrying about industrial impacts.

The European Union's climate ministers have reached a tentative agreement to cut greenhouse gas emissions by 90% by 2040, compared to 1990 levels, following extensive negotiations ahead of the UN COP30 summit scheduled to take place in Brazil. The finalized deal, which was reached after more than 18 hours of talks, includes provisions that allow countries to use foreign carbon credits to meet up to 5% of their emissions reduction targets, effectively weakening the requirement to 85% percent reductions from domestic emissions. This shift reflects a broader trend of compromising ambitious climate goals to accommodate member states with varying economic concerns, particularly those facing high energy costs, according to Al Jazeera and Reuters.

The agreement was necessary for the EU to present a unified front at COP30, where it risks losing influence among global leaders on climate issues. The compromise also included a reassessment of the overall 2040 objective every two years and a postponement of the launch of a new EU carbon market from 2027 to 2028, a move supported mainly by member states concerned about potential price increases in fuel. Environmental groups have criticized the deal, arguing that it reflects a troubling trend where political and economic pressures overshadow environmental ambitions, highlighting that significant loopholes remain in the EU's climate policies, according to India Times and Reuters.

Countries like Poland and the Czech Republic expressed concern over the ambitious target, fearing detrimental repercussions for domestic industries that struggle with high energy costs and competition from international markets. The reaction to the agreement from various EU governments was mixed, with several member states, including Italy and Hungary, voicing strong objections to maintaining a robust emissions reduction target while balancing economic needs. Danish Climate Minister Lars Aagaard emphasized that the decision involves managing political ramifications while trying to uphold the EU's leadership role in combating climate change. This deal comes amidst ongoing debates over international strategies for emissions reduction, exposing the complexity of balancing environmental objectives with economic stability, according to India Times and Al Jazeera.

In conclusion, while the EU has made strides towards achieving its objectives for greenhouse gas emissions, the newly established targets may divert critically needed investment away from domestic industries needed to meet future carbon neutrality goals. The COP30 summit will provide further opportunities for EU leaders to negotiate their positions relative to other major carbon emitters, with the negotiation dynamics highlighting the ongoing tension between climate commitments and national economic interests, according to The Jakarta Post and Reuters.