EU Proposes 90% Emissions Cut by 2040 with Flexible Measures

The European Commission proposed on Wednesday to cut greenhouse gas emissions by 90 percent by the year 2040, with flexibility to address concerns from EU states that must greenlight the plans. The long-delayed target is a key milestone towards the European Union's 2050 carbon neutrality goal. To sway sceptical capitals, the EU executive proposes that from 2036, the bloc's 27 countries can count carbon credits purchased to finance projects outside Europe, for up to three percent of their emission cuts.