Article by Giulia Casula – Journalist, Fanpage.it
The European Union’s scientific advisers have warned EU institutions against resorting to more “flexible” paths to reach their 2040 climate target of a 90-95% cut in greenhouse gas emissions compared to 1990 levels.
In recent months, EU officials have expressed a willingness to soften the target to meet government and political demands. Specifically, the European Commission is reportedly considering setting a lower target for domestic industries and using international carbon credits.
What are international carbon credits and how do they work?
The latter consist of special certificates, corresponding to one ton of CO2 not emitted or absorbed, which can be purchased by companies or institutions unable to reduce their emissions to finance sustainable projects. In this way—the reasoning goes—the carbon dioxide that certain companies, for specific reasons, cannot avoid producing would be “offset” by initiatives that somehow reabsorb it or avoid further emissions.
Why experts advise against using it
And it is precisely the use of carbon credits that experts have focused on, advising against their use. The European Scientific Advisory Board on Climate Change (ESABCC) noted that this approach risks diverting resources from investments in European industries and infrastructure. “The use of international carbon credits to achieve this goal, even partially, could jeopardize domestic value creation, diverting resources from the necessary transformation of the EU economy,” they stated in their report.
On the other hand, those who support the use of international carbon credits believe they represent a useful strategy for raising funds for CO2 emission reduction projects, especially in developing countries. This view contrasts with that of the expert group, which recommended that the EU “accept a 90-95% net reduction in greenhouse gas emissions by 2040, which is achievable and in line with global objectives to prevent worsening climate change.” Delaying action or relying on international carbon credits “would risk missing crucial opportunities to modernize the EU economy, create quality jobs, and strengthen Europe’s position as a leader in clean technologies,” warned Jette Bredahl Jacobsen, vice-president of the Advisory Committee.