Welcome to Better Europe's weekly update on EU Affairs. EUROPE’S 2040 CLIMATE TARGET: 5% CREDITS, 0% CREDIBILITY Following 18 hours of overnight talks, EU environment ministers finally reached a climate deal for 2040 on Wednesday morning. Under pressure from EU member states who are lagging in their climate policies, minister agreed to increase the use of carbon credits in the mix from 3% to 5%, effectively reducing the EU’s internal emissions target to around 85%. Further concessions include free pollution permits for heavy industry, a postponement of the carbon tax on heating and transport, and the continued production of internal combustion engine cars beyond 2035 thanks to so-called 'low-carbon fuels'. And all of this despite the plea by the EU’s Scientific Advisory Board for a 90% to 95% reduction target…