The European Union has reached a legally binding climate ​target to reduce greenhouse gas ⁠emissions 90 per cent by 2040, against 1990 levels, and buy foreign carbon credits to cover five per cent ‌of the ​emissions cuts.

The European Parliament ‍issued a statement early on Wednesday, saying the agreement would ⁠require EU industries to cut emissions by 85 per cent and, from 2036, EU nations to pay non-member countries to cut emissions on their behalf to make up the remainder.

The European Parliament and EU countries must each approve the target for it to ‌become law – usually ​a formality that waves through pre-agreed deals.

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