Core Points - The European Union (EU) has reached an agreement among its member states on the greenhouse gas emission reduction target for 2040, aiming for a 90% reduction, which includes 85% from internal reductions and 5% from international carbon credits [1] - The EU has submitted a new Nationally Determined Contribution (NDC) under the Paris Agreement, targeting a reduction of net emissions by 66.25% to 72.5% from 1990 levels by 2035 [1] - In 2024, the EU and its member states will provide €31.7 billion for climate financing to developing countries, along with an additional mobilization of €11 billion in private funds to support these countries in addressing climate change [1] - The EU is committed to achieving climate neutrality by 2050 and emphasizes its dedication to the goals of the Paris Agreement [1]