The European Commission proposed on Wednesday to cut greenhouse gas emissions by 90 per cent by the year 2040, with flexibility to address concerns from EU states that must greenlight the plans.

The long-delayed target is a key milestone towards the European Union’s 2050 carbon neutrality goal.

READ ALSO: OPEC Warns Of 23mb/d Oil Supply Shortfall Without $17.4tn Investments By 2050

To sway sceptical capitals, the EU executive proposes that from 2036, the bloc’s 27 countries can count carbon credits purchased to finance projects outside Europe, for up to three per cent of their emission cuts.

AFP