EU reaches ambitious climate deal that could transform economy

In the run-up to the climate summit, EU policymakers agreed to cut greenhouse gas emissions by 55 percent from 1990 levels by 2030.

European Union lawmakers reached a late-night deal to make the bloc’s ambitious climate goals legally binding, paving the way for a torrent of new rules and standards to overhaul the entire economy. A day before a climate summit of world leaders hosted by U.S. President Joe Biden, representatives of EU governments and the European Parliament agreed in principle on the so-called European Climate Law, which foresees a 55% reduction in net greenhouse gas emissions by 2030, compared with 1990 levels, and zero net emissions by 2050. Later on Wednesday, the European Commission will unveil standards for the classification of green investment. The EU pact, struck against the backdrop of surging support for the Green party in Germany, sets the stage for tougher rules that will affect industries ranging from transport to energy production. It helps cement Europe’s climate goals as being among the most ambitious in the world after the U.K. announced tougher emissions targets Tuesday.