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The European Commission has set out a proposal to cut EU emissions 90% by 2040, with up to 3% coming via carbon credits purchased from other countries.

As Europe’s industries struggle to source the cheap green hydrogen they need to become climate-friendly, a group of companies believes the answer is to ship it from Oman.

Through its 2021-founded subsidiary MyCarbon, Brazil’s meat processing giant Minerva Foods is emitting and selling carbon credits to big oil companies that are in a rush to move away from a polluting stigma.

President Donald Trump’s dismantling of climate policy means the US will add an extra 7bn tonnes of emissions to the atmosphere from now until 2030, compared to meeting its former climate pledge under the Paris Agreement.

Despite recent setbacks in its efforts to establish green steel production, Germany should continue its support for the transition to hydrogen-based industrial processes, said the CEO of steelmaker Salzgitter, Gunnar Groebler.

Research on climate change in urban areas is skewed towards large, well-established cities in the global north, according to analysis of more than 50,000 studies.

Bank financing for the fossil fuel sector rose by $162.5 billion in 2024, more than 20% compared to 2023, according to a Rainforest Action Network report.

The European Commission is expected to unveil its 2040 climate target on July 2. The proposal includes a controversial move to allow EU member states to use international carbon credits.

More than a dozen EU member states, including Germany, have called on the European Commission to change its plans for the introduction of a carbon price on transport and heating fuels from 2027 to prevent price spikes.

On June 30, more than 100 companies and investors issued a joint statement urging the European Union to maintain its strong sustainability regulations.