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Monday December 19, 2022

EU Reaches Deal on Major Carbon Market Reform

European Union negotiators have reached a deal today the EU carbon market will be reformed to cut emissions by 62% from 2005 levels by 2030.

Under the deal agreed by negotiators from EU countries and the European Parliament, the EU will overhaul the bloc’s carbon market, cutting planet-heating emissions faster and imposing new CO2 costs on fuels used in road transport and buildings from 2027.

The plan involves removing 90 million CO2 permits from the system in 2024, 27 million in 2026 and cutting the rate at which the cap on CO2 permits in the system falls by to 4.3% from 2024-2027 and 4.4% from 2028-2030.

From 2026-2034, the EU will phase out the free CO2 permits it currently gives industries to protect them from foreign competition.

After 30 hours of talks that started on Friday, the EU also agreed to launch a new carbon market covering suppliers of CO2-emitting fuels used in cars and buildings in 2027.

The post EU Reaches Deal on Major Carbon Market Reform appeared first on Abb Takk News.

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