US Edition
EU Proposes Changes to Carbon Emissions Trading System
- The European Commission announced changes to the Emissions Trading System to stabilize carbon prices by ending the automatic cancellation of surplus permits and shifting them into a buffer reserve.
- Mounting pressure from Italy and other Member states concerned about energy costs prompted the change. Gas prices have risen by up to 70% due to the Iran War and attacks on LNG infrastructure in the Gulf and Strait of Hormuz.
- Currently, unused permits totalling over 400 million within the "market stability reserve" are cancelled, but under the proposed adjustments, The Commission will retain them as a price buffer.
- The European Parliament and Member states must approve these changes. Critics argue the proposal conveys action without substantial change, noting the benchmark Carbon price rose immediately following the announcement.
- Major revisions planned for July aim to adapt the ETS for the next 20 years. Europe continues to phase out permits to meet climate targets, having reduced Electricity sector emissions by 24% in 2023 and 11% in 2024.
49 Articles
49 Articles
The EU wants to adapt the existing emissions trading system (ETS-1) and to reduce industrial requirements. But the basic problem remains: By ... The post EU Commission wants to defuse CO2 trade a little to save the heavy industry appeared first on Apollo News.
BRUSSELS - In the wake of pressure from some Member States, including Italy, the European Commission presented yesterday some adjustments to the harmful emissions market, known as the English acronym...
In Brussels, dissatisfaction with the carbon pricing mechanism is rising again. Now that industry is under pressure, partly due to high energy costs, the European Commission is re-examining the system at the urging of critical countries. This is seen as the prelude to major changes in European climate policy.
Emissions trading is considered the EU's most important weapon against climate change. Now it wants to reform it and thus ensure lower energy prices. The Greens strongly criticise the proposal, also the CDU warns.
It must limit a further rise in energy prices and enable European companies to compete.
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Bias Distribution
- 40% of the sources lean Left
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