European member states may be permitted to count carbon credits from developing countries towards climate targets. The EU is set to discuss its 2040 target of reducing carbon dioxide emissions by 90% compared to 1990 levels. Controversially, some states propose using overseas carbon offsets to meet these goals. Significant opposition exists, with numerous environmental groups arguing that targets should be achieved domestically, fearing this could undermine the EU’s climate leadership. The EU climate commissioner notes that developing countries are eager for financing through carbon credits to support emissions reduction projects.
There is no need for them to use credits. If such a major emitter is not going as far as they demonstrably could with emissions cuts, then the overall global ambition is lower than it could be. This would risk undermining the EU's reputation for climate leadership at a time when that leadership is most needed.
Developing countries were keen to gain EU financing through carbon credits, for projects such as tree planting or forest restoration, and it was possible to ensure that such offsets resulted in genuine emissions reductions.
The planet doesn't care about where we take emissions out of the air. You need to take action everywhere, but it certainly also helps to do that both here and elsewhere.
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