CO2 QUOTE Closing from 12-02-2026 71.09 €/T

Brussels agrees on a new emissions reduction range for 2035 thanks to an emergency diplomatic move

There is no formal agreement between the partners and that is why the EU will only present a declaration of intent at the UN

The European Union’s environment ministers agreed on Thursday to set an indicative emission reduction target for 2035. Between 66% and 72.5% of 1990 levels and which is part of the national contributions (NDCs) required by the Paris Agreement. It is a non-binding declaration approved by consensus that the EU will take to the United Nations General Assembly next week and seeks to pave the way for negotiations on the new climate law, which sets a greenhouse gas reduction target of 90% by 2040. That range has been calculated from a trajectory that connects the climate goals already set for 2030 and 2050, along with the current targets for the next decade and the proposed 2040 target that is still under debate. Politically, the measure reflects a clear lack of agreement among the Twenty-seven to present an updated and definitive plan on the CO2 cut. Faced with this difference, the EU bloc has chosen to present a “declaration of intent” at the UN instead of a binding commitment. France and Germany, which are demanding more flexibilities, have asked for the matter to be raised for discussion by the heads of state and government before the ministers close the negotiations.

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