Article summary
The European Commission has welcomed the provisional agreement reached by the European Parliament and the Council of the EU to strengthen the EU Emissions Trading System (ETS), apply emissions trading to new sectors for effective economy-wide climate action, and establish a Social Climate Fund to ensure a fair transition. The agreement will reduce emissions from the EU ETS sectors by 62% by 2030, compared to 2005 levels. The agreement will also phase out free emission allowances to certain enterprises and phase in the Carbon Border Adjustment Mechanism between 2026 and 2034. The new Social Climate Fund, financed by €65bn from the EU budget, and 25% co-financing by Member States, will provide financial support to vulnerable citizens and micro-enterprises for energy efficiency investments.
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