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17 Aug 2022 06:25:30

EU parliamentarians agree on carbon market reform

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.