The EU has reached a binding agreement on a new climate target, aiming for a 90% reduction in greenhouse gas emissions by 2040 compared to 1990 levels.This deal, finalized by negotiators from EU member states and the European Parliament in Brussels, allows up to five percentage points of reductions through international climate credits and postpones the inclusion of fuels into the ETS2 until 2028 to prevent consumer price increases.EU Climate Commissioner Wopke Hoekstra stated this "strong but realistic climate law" balances climate action with competitiveness and independence, providing clarity for investors and driving innovation.