EU climate advisers are urging the bloc to stay firm on its 2040 climate target, warning that shortcuts could jeopardize long-term progress.
As the European Commission prepares to unveil a legally binding climate target of cutting emissions by 90% by 2040 (compared to 1990 levels), internal discussions are ongoing about potentially lowering the target or allowing international carbon credits to ease the pressure on domestic industries. The European Scientific Advisory Board on Climate Change (ESABCC) has pushed back strongly against this, cautioning that relying on overseas carbon offsets could weaken Europe's economic transformation.
In their latest analysis, the ESABCC emphasized that using international credits—such as funding reforestation in Brazil—might divert funds away from essential investments in local infrastructure and industry. While advocates argue that such credits help finance carbon-cutting projects in developing countries, the EU previously banned them in 2013 after a flood of ineffective credits crashed the carbon market.
Despite economic and geopolitical challenges, the ESABCC reiterated its 2023 recommendation of a 90–95% emissions cut by 2040, calling it both realistic and vital for meeting global climate goals. Achieving this would require a near-zero emissions power sector and the widespread electrification of heavy industry, yielding health, economic, and energy security benefits.
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Tech company Xiaomi says it will consider selling its electric vehicles (EV) outside China starting in 2027, CEO Lei Jun said, citing strong local demand for its SU7 sedan and newly launched YU7 SUV.
Russia has cancelled its annual naval parade in St Petersburg amid security concerns, as the deputy head of its Navy was killed in a Ukrainian attack in Kursk.
Finland has endorsed the European Union’s proposed 90% cut in greenhouse gas emissions by 2040, calling it a step toward climate neutrality and in line with its national goals, a key milestone on the EU’s path to climate neutrality by 2050.
The World Health Organization (WHO) has called for a 50% price increase on sugary drinks, alcohol, and tobacco over the next decade, pushing for taxation as a means to reduce chronic diseases and raise funds for health systems.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
The European Commission has proposed an amendment to the EU Climate Law aimed at reducing net greenhouse gas emissions 90% by 2040, compared with 1990 levels.
Global temperatures in 2024 exceeded the crucial 1.5°C threshold above pre-industrial levels for the first time, marking a serious warning for the world’s climate goals under the Paris Agreement, scientists said.
Wildfires and a severe heatwave sweeping across Europe have claimed the lives of two people in Spain and another two in France, while also causing the shutdown of a nuclear reactor in Switzerland.
Azerbaijan, Kazakhstan and Uzbekistan have established a joint venture to implement the Green Energy Corridor: Azerbaijan–Central Asia project aimed at building infrastructure for clean energy transmission and strengthening a regional energy cooperation.
A Clean Energy Centre will be officially launched during the 17th Economic Cooperation Organization (ECO) Summit, to be hosted by Azerbaijan this week, announced Asad M. Khan, Secretary General of the ECO.
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