Brussels, 2 July (LaPresse) – The European Commission today proposed an amendment to EU climate law, setting an EU climate target for 2040 of a 90% reduction in net greenhouse gas (GHG) emissions compared to 1990 levels, as required by the Commission's political guidelines for the period 2024-2029. This will provide certainty for investors and innovation, strengthen the industrial leadership of our companies and increase Europe's energy security, writes the EU Executive. Today's proposal builds on the EU's existing legally binding target of reducing net greenhouse gas emissions by at least 55% by 2030 and sets out a more pragmatic and flexible way to achieve this, with a view to a decarbonised European economy by 2050.With the proposed 90% target, the EU is also sending a signal to the global community that it will stay on track on climate change, respect the Paris Agreement and continue to work with partner countries to reduce global emissions. Ahead of the United Nations Climate Change Conference (COP30) in Belém (Brazil) in November, the Commission will now work with the Council Presidency to finalise the EU's nationally determined contribution (NDC) communication.The Commission's proposal setting a climate target for 2040 will now be submitted to the European Parliament and the Council for discussion and adoption under the ordinary legislative procedure. An agreed EU climate target will also serve as a benchmark for the EU's post-2030 policy framework to be developed later.