Apr 22 2021, 11:26 AM April 21 2021, 2:46 AM April 22 2021, 11:26 AM (Bloomberg) -- European Union lawmakers reached a late-night deal to make the blocâs ambitious climate goals legally binding, paving the way for a torrent of new rules and standards to overhaul the entire economy. (Bloomberg) -- European Union lawmakers reached a late-night deal to make the blocâs ambitious climate goals legally binding, paving the way for a torrent of new rules and standards to overhaul the entire economy. A day before a climate summit of world leaders hosted by U.S. President Joe Biden, representatives of EU governments and the European Parliament agreed in principle on the so-called European Climate Law, which foresees a 55% reduction in net greenhouse gas emissions by 2030, compared with 1990 levels, and zero net emissions by 2050. Later on Wednesday, the European Commission will unveil standards for the classification of green investment.