🚨🇪🇺 BREAKING: EU Parliament backs 2040 Climate Target 🇪🇺🚨

📥 Just a few minutes ago, the EU Parliament voted (379 Yes, 248 No, 10 abstentions) to adopt its position on the EU 2040 Target.

🎯Despite attempts by the right to water down the target to 83% – which was thankfully voted down and averted – it’s almost identical to the Council’s position from last week: 90% overall target, 5% international credits, up to 5% additional international credits at member state level, and a review clause every two years.

🌍 A notable difference, however, is in the type of international credits: beyond stricter language around safeguards, the Parliament explicitly references the UN’s Article 6.4 - or Paris Agreement Crediting Mechanism (PACM) - whereas the Council left it open (6.2 or 6.4).

🔎 This might seem a small difference, but it would have a huge impact: centralised 6.4 with pre-set methodologies vs bilateral 6.2 where the EU could raise or lower the bar on methodologies itself.

🎙️ Check out the latest CDR Policy Scoop, where Eve Tamme and I unpack this specific topic and everything else that has been going on in Brussels in CDR world over the past week - from the 2040 Target, to EU’s new NDC to the latest progress on the CRCF:

🎧 Podcast: https://lnkd.in/dtspK5Ap

🟥 Youtube: https://lnkd.in/d9ky3k-8

📜 With positions adopted across all institutions, we will now move into Trilogue negotiations and will hopefully have a final 2040 Target in early 2026.

👏 As I said before, I view this proposal as a huge step forward for CDR: carbon removal’s role in achieving Europe’s climate targets is finally recognised in high level EU climate legislation, paving the way for a much more prominent role of removals moving forward.

🌊 Couple that with all the momentum we are seeing on CDR from COP and leading climate scientists, and we might see the tides finally turning.

❓ What do you think? Are policy makers finally really embracing CDR?

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