By News Room
MEPs backed key provisions of the EU’s ambitious plan to tackle climate change. This is a key document to achieve the ambitious goals of reducing greenhouse gas emissions “Plan Climat Vingt-sept”, according to AFP. The extension of the carbon market to housing and personal transport has been the most controversial point of the reform in full inflation. “Together we will make Europe the first climate-neutral continent,” said European Commission President Ursula von der Leyen.
In the EU, there are plans to create an €86.7 billion “Social Climate Fund (SCF)” by 2026 to help small businesses and vulnerable households. It is intended to finance temporary direct income support measures to help these categories cope with rising incomes”. car prices, transport and heating, as well as long-term investments such as the renovation of buildings, the integration of renewable energies, the use of public transport and collective mobility services. the full impact” of the spread of the carbon market on individuals. “The yellow vest movement has taught them nothing (the authorities),” she added.
Alongside this climate plan, the 27 member states of the bloc are preparing a legislative framework to increase the competitiveness of their green industries in the face of an American plan of massive subsidies and massive investments from China in the sector. The EU is also seeking to secure its supplies of rare earths, lithium and other components needed for green technologies but for which it remains heavily dependent on Beijing, analysts say.
To cover their CO2 emissions, electricity producers and energy-intensive industries (steel, cement, etc.) in the EU must now buy “polluting permits” from the European emission quota market (ETS), created in 2005 and covering 40% of emissions on the continent. General quotas for companies will decrease over time to encourage Old World industry to reduce emissions. The reform provides for an acceleration of the rate of reduction of the quotas proposed by 62% by 2030 compared to 2005. The carbon market will gradually extend to the maritime sector, to emissions from intra-European flights, and from 2028 to incinerators, subject to a favorable study of this question by Brussels.
A second carbon market (ETS2) is planned for building heating and road fuels. Households will pay a carbon price for fuel and heating from 2027, but the document aims to cap it at €45 per tonne until at least 2030, and if the current rise in energy prices continues , the application will be delayed until 2028 of the year. However, Green and left-wing MPs have pointed out that this cap is not guaranteed. “The price will be set by the market itself,” said French MEP Marie Toussaint for the Greens.
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Source: The European Parliament has approved a radical reform of the European carbon market News
Category: Europe, News, Weather & Climate, World, China, Ursula von der Leyen
