The European Union has reached a deal to cut bloc-wide emissions in half by 2030 and eliminate them by 2050. 

Late-night negotiations between the European Parliament representatives and the 27 member states clinched the deal – though it must still be ratified by the parliament and national administrations.

The timing of the agreement is crucial, coming just a day before the U.S.-hosted climate summit. It means the EU can put on a united front, with all its members signed up to the targets. 

If the deal is ratified, the target of reducing greenhouse emissions by 55 percent by 2030 will become law for all 27 members.

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Although 55 percent is lower than the 60 percent proposed by the parliament, the European Commission made concessions on carbon sinks and how carbon capture in agriculture and forestry is counted toward the net emissions.

Another of the parliament's proposals, a new bloc-wide advisory board on climate policy, was agreed on to advise policymakers about how EU policies assist the bloc's climate neutrality goal.

The agreement came hours after the Commission's leader of all things "green," Frans Timmermans, told the U.S. House Committee on Foreign Affairs it would put forward a legislative package on renewable energy, sustainable transport and forestry in June. 

"We need to gather all possible forces in the fight against climate change, abroad and at home," the Dutch former commissioner said.