Posted: 23 Jun 2022
The European Parliament backed reforms to the EU carbon market allaying fears of a delay to Europe's climate change policies after lawmakers had rejected the proposals in a first vote this month.
The compromise was struck after lawmakers rejected the entire carbon market law in a divisive first vote this month, when lawmakers split over how quickly to end free permits against a backdrop of soaring energy costs and inflation.
Ths time, a majority of lawmakers backed a proposal to phase out free CO2 permits for industries by 2032 and replace them with a carbon levy on imported steel, cement and other products, designed to put European and foreign firms on a level footing.
Read more on Reuters.