EU reaches agreement on pivotal carbon market deal – By News Agencies (Al Jazeera) / Dec 18, 2022
Negotiators were at odds over how quickly to end free CO2 permits the EU gives industries to protect from foreign competition.
European Union negotiators have reached an agreement on overhauling the bloc’s carbon market, the central plank of its ambitions to reduce emissions and invest in climate-friendly technologies.
The deal aims to accelerate emissions cuts, phase out free allowances to industries, and target fuel emissions from the building and road transport sectors, according to a European Parliament statement.
“The agreement … will allow us to meet climate objectives within the main sectors of the economy, while making sure the most vulnerable citizens and micro-enterprises are effectively supported in the climate transition,” Czech environment minister Marian Jurecka said in a statement.
The EU Emissions Trading System (ETS) allows electricity producers and industries with high energy demands, such as steel and cement, to buy “free allowances” to cover their carbon emissions under a “polluter pays” principle.
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