The European Union announces plans to gradually abolish emissions trading
The Council of the European Union has adopted several pieces of legislation to ensure that the Union’s climate targets for 2030 are met.
On Tuesday, the Council of the European Union passed a series of laws that are part of the Fit for 55 program, which aims to cut EU greenhouse gas emissions by 55% by 2030, compared to 1990 levels.
For example, the European Council approved some changes to the Greenhouse Gas Emissions Trading and Trading System (ETS), which raise the overall cap on emissions reductions in a number of sectors to 62% from 2005 levels, and approved a mechanism to regulate carbon emissions across borders ( CBAM).
The European Union plans to stop issuing free emission allowances to its companies by 2034 and sell them less to foreign producers.
In addition, the update will introduce greenhouse gas emission allowances in the maritime sector, and will also review the situation in the aviation sector, as free emission allowances will be phased out until 2026 in order to promote cleaner aviation fuels.
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