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Investing.com -- The European Commission put forward a proposal on Wednesday for the European Union to cut its net greenhouse gas emissions by 90% by 2040, compared to 1990 levels.
The proposal includes new flexibilities designed to ease the burden on domestic industries. Under the plan, the EU would be allowed to purchase carbon credits from developing countries, which could count toward 3 percentage points of the overall 90% reduction goal.
This approach marks a shift from the EU’s current climate targets, which rely exclusively on emissions reductions within the bloc.
Before taking effect, the proposal must go through negotiations and receive approval from both the European Parliament and a reinforced majority of EU member states.
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