"This is a good day for people and the planet," he added.
Brussels unveiled its European Green Deal in December 2019 and tabled its proposal for a European Climate Law in March 2020. It aims for the bloc to become the world's first carbon-neutral continent by 2050 by unlocking billions of euros to help industries become more resource-efficient.
But EU Leaders and parliament had been at logger-head for months over the emissions reduction target with lawmakers pushing for a cut of at least 60 per cent — the 27-member bloc had previously committed to reducing its emissions by 30 percent by 2030.
The deal struck on Wednesday also includes a process for setting a 2040 climate target.