The European Union's use of fossil fuels for energy would drop 80% by 2040, compared with 1990 levels, if the bloc moves ahead with a target to cut net greenhouse gas emissions by 90% by that date, a draft document showed. The EU is drafting its first 2040 climate target, to bridge the gap between its existing goals to cut net emissions 55% by 2030 and reach net zero emissions by 2050. The European Commission will present its first recommendation for the 2040 target next month - and is set to endorse a 90% emissions reduction by 2040, from 1990 levels. A draft of the Commission's recommendation for the target, seen by Reuters, said the target would reduce Europe's net bill for fossil fuel imports by a total of EUR2.8 tril (USD3.03 tril) over 2031-2050, compared with the yearly average over 2011-2020.

Source: Reuters