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EU strikes key agreement to overhaul carbon market – DW (English)

The European Union reached an agreement on Sunday to overhaul the bloc’s carbon market — its main policy tool in the fight against global warming.

“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,” said Czech environment minister Marian Jurecka.

The deal is yet to be formally adopted by the European Parliament and the European Council. 

COP27 underway in Egypt

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The agreement was struck after a 30-hour session. It claims the overhaul will help the bloc contribute towards the global efforts of combatting climate change and specifically cut carbon emissions by 55% by 2030 when compared to 1990’s levels.

Under the reformed market, some 10,000 factories and power plants will have to buy permits for emissions. The move is meant to encourage companies to adopt greener technologies to lower their carbon footprints. Meanwhile free CO2 permits will be phased out by 2034.

All parties agreed to raise the overall target to cut emissions in the sectors covered by the European Emissions Trading System to 62% by 2030, the European Council said in a statement. They also agreed to reduce the cap of overall emissions by 4.3% per year from 2024 to 2027 and 4.4% from 2028 to 2030.

Additionally, a Social Climate Fund will be set up to support vulnerable houses, small businesses and transport users to cope with the price impact of the emissions trading, the statement said. 

Luisa Neubauer: ‘The Global North really has to pay up’

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mk/aw (Reuters, dpa)

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