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EU Reaches Climate Deal on Binding Goals That Change Everything

  • New rules will align economy with stricter climate goals
  • EU targets cleaner imports, greener cars, more renewables
RWE AG Windfarm And Lignite Mining Ahead of Earnings
Photographer: Alex Kraus/Bloomberg
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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.