CarrZee calculation is that the EU target will be a limit of about 430 million tons in 2040.
Use of UN credits (3% of 4.3 billion tons [1990 net emissions]) is 129 million.
So that’s 30% flexibility on the 2040 target.
NOTE: Bloomberg reported earlier the flexibility would be 3% of the 2040 target. That was a mistake, apparently.
It would be like me spelling Bloomberg like this:
WordPress AI mistake, above
Chat GPT below
[…] €200 a ton of CO2 equivalent, that’s as much as €26 billion euros in 2040, based on this preliminary maths. (Of course carbon prices could be much higher by […]
[…] to correct Bloomberg’s mistake — the proposed flexibility proposed today is for about 30% of the 2040 target, not […]
[…] Europe’s new 2040 climate target signals potential demand for about 129 million tons of Paris … […]