Dhaka, Dec. 11 -- European Union countries and lawmakers reached a final deal Wednesday on an ambitious target for cutting greenhouse gas emissions by 2040, allowing carbon credits bought outside the continent to help reach the goal.

A number of countries, led by Italy, had expressed concern at the target of reducing the 27-nation bloc's emissions by 90 percent from 1990 levels by 2040.

The final deal allows for five percent of cuts to be accounted for through carbon credits acquired for projects outside Europe. Activist groups have accused the EU of simply sending the climate change campaign offshore.

Further down the road, the EU could if needed eventually allow member states to make up a further five percent of their targets via cre...