Leaders of the 27 member states agreed to cut their net greenhouse gas emissions by at least 55% from 1990 levels by 2030, substantially toughening an existing 40% target. The EU wants to reach “net zero” emissions by 2050, a deadline that scientists say the world must meet to avert the most catastrophic impacts of climate change. The EU emissions trading market already seeks to put a price on the carbon emissions that drive climate change. POORER COUNTRIES’ FEARSPoland held out alone until dawn for a guarantee that promised funding from the EU carbon market for poorer countries would not be reduced. The final deal gives a commitment to address “imbalances” in carbon market funding that could leave poorer countries worse off.

Source: bd News24 December 11, 2020 10:18 UTC