India, June 16 -- Researchers propose EU use performance-based Jurisdictional Reward Funds to meet 5% of its 2040 climate target through overseas action.

It will reward developing, emerging economies for measurable emissions cuts, especially coal phase-out and reduced oil and gas output.

Scheme aims to avoid greenwashing, stabilise EU carbon prices and deliver cheaper, credible carbon credits.

A new study by the Potsdam Institute for Climate Impact Research (PIK) has proposed a novel mechanism that could help the European Union (EU) achieve part of its 2040 climate target through international cooperation at a cost of just €5 billion annually, while avoiding many of the pitfalls associated with traditional carbon credit markets....