EU agrees on climate target to cut emissions 90% by 2040, with 5% carbon credits

Dec ‌10 (Reuters) - The European Union ‍agreed ‌late on Tuesday on a legally ⁠binding climate ‌target to reduce greenhouse gas emissions 90% by 2040, against ⁠1990 levels, and buy foreign carbon ​credits to cover 5% of ‌the emissions ⁠cuts, the European Parliament said in a statement early on ​Wednesday.

In practice, the target will require an 85% emissions cut from European industries, and ​let ‍countries pay ​foreign countries to cut emissions on Europe's behalf to make up the rest from 2036.

The EU Parliament and EU ⁠countries must each give formal approval for ​the changes to become law, usually a formality that waves through pre-agreed deals.

(Reporting ‌by Kate Abnett and Disha Mishra; Editing by Chris Reese)