NEW – The EU plans to let countries use carbon credits to achieve 2040 climate targets. From 2036, 3% of emissions reductions can come from buying “carbon credits” from climate projects abroad.
This means instead of making all the emissions cuts within Europe (like reducing factory pollution), the EU can pay for climate-friendly projects in poorer developing nations to offset some of its own emissions.
The European Commission is due to propose a legally binding EU climate target for 2040 on July 2.