After more than 18 hours of negotiations, climate ministers from European Union countries gave their informal backing to a compromise to cut emissions 90 percent by 2040, from 1990 levels, but with flexibility to weaken this aim, EU diplomats said.

EU ministers planned to reconvene later on Wednesday morning to formally approve the deal.

A handful of countries including Poland, the Czech Republic and Hungary had indicated they would oppose the plan but not enough to block the agreement, which needs backing from at least 15 member states, diplomats said.

“We believe we have the basis for a political deal," said a spokesperson for Denmark, which holds the EU's rotating presidency and chaired the talks.

The weakened target would let countries buy foreign carbon credits to cover up to 5 percent of the 90 percent emissions-cutting goal, according to a draft of the EU deal, seen by Reuters.

That would effectively weaken to 85 percent the emissions cuts required from European industries, and pay foreign countries to cut emissions on Europe's behalf to make up the rest.

The draft said the EU would also consider the option, in future, to let countries buy international carbon credits to meet a further 5 percent of their 2040 emissions reductions – potentially shaving another 5 percent off their domestic target.

The EU is racing to agree to its new climate goal to avoid going empty-handed to the COP30 climate summit, where European Commission President Ursula von der Leyen will meet other world leaders on Nov. 6.

"We have a lot at stake. We are risking our international leadership, which is fundamental in this extraordinarily complicated context," Spanish Environment Minister Sara Aagesen told reporters on Tuesday.

In a further effort to win over skeptical countries, the draft compromise said the EU would weaken other politically sensitive climate policies – including by delaying the launch of an upcoming EU carbon market by one year, to 2028.

Poland and the Czech Republic have opposed that policy, citing fears it could raise fuel prices.

Countries including France and Portugal had demanded the 5 percent carbon credits flexibility, while others including Poland and Italy sought 10 percent. Spain and the Netherlands were among those opposed to weakening the target further, EU diplomats told Reuters.

Opposing views

The European Commission had originally proposed a 90 percent emissions-cutting target, with a maximum 3 percent share of carbon credits.

The dilution of the target reflects a backlash against Europe's ambitious climate agenda, from industries and some governments skeptical that it can afford the measures alongside defense and industrial priorities.

"We don't want to destroy the economy. We don't want to destroy the climate. We want to save both at the same time," Polish Deputy Climate Minister Krzysztof Bolesta said on Tuesday.

Poland, Italy, the Czech Republic and others opposed the original 90 percent target as too restrictive for domestic industries struggling with high energy costs, cheaper Chinese imports and US tariffs.

Others, including the Netherlands, Spain and Sweden, cited worsening extreme weather and the need to catch up with China in manufacturing green technologies as reasons for ambitious goals.

The EU's independent climate science advisers have warned that buying foreign CO2 credits would divert much-needed investments away from European industries.