Licenses for industries to pollute will be gradually reduced, eventually ceasing completely in 2034
negotiators from European Union struck a deal this weekend for a remodel of theirs Emissions Trading System (ETS)as part of an effort to reduce emissions from industries and increase investment in more climate-friendly technologies.
As announced by the European Parliament in a note, emissions from the ETS sectors must be reduced by 62% by 2030, compared to 2005, a higher target than that proposed by the European Commission. There will be a gradual end of licenses for industries to pollute, which should surely happen by 2034. In addition, there will be an emissions tax linked to the heating and trucking segments, to be introduced in 2027. Shipping and the Waste incineration sectors should also be included in the emissions scheme.
“This agreement will make a huge contribution to the fight against climate change,” said the German lawmaker. Peter Liese, who led the negotiations. According to him, the agreement will give industry room to breathe “in difficult times and give a clear signal to European industry that investing in green technologies is worthwhile”.
It was also agreed to make more resources available for innovative technologies and for the modernization of the energy system. The Innovation Fund will go from the current 450 to 575 million quotas, while the Modernization Fund will be increased through the auctioning of a further 2.5% of quotas which will support EU countries with per capita GDP less than 75% of the EU average.
MEPs and the European Council also agreed to set up a Social Climate Fund for the most vulnerable.
Parliament and the European Council will still need to formally approve the deal before the new law enters into force.
🇧🇷The best content in your email for free. Choose your favorite Terra newsletter. Click here!
Source: Terra
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
