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EU drafts plan to toughen carbon market
(EurActiv, 28 Jun 2021) The European Union is planning to toughen its carbon market to cut emissions faster and put a price on pollution in new sectors, Bloomberg News reported on Sunday (27 June).
The EU’s emissions trading system (ETS) is the bloc’s central climate policy, forcing power plants, factories and airlines running European flights to buy permits when they emit CO2.
The European Commission will next month propose a revamp of the system as part of a package of policies designed to meet a more ambitious climate change target.
Citing a draft of the ETS proposal, Bloomberg reported that the supply of CO2 permits in the ETS will face a one-off cut.
The number of permits entering the ETS each year would also decrease at a faster rate, although this rate was not specified, the report said.
A Commission spokesperson declined to comment on the draft proposal, which could change before it is published.
The proposal would strengthen the ETS “market stability reserve”, a mechanism designed to avoid a build-up of excess permits that could depress EU carbon prices.
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EurActiv, 28 Jun 2021: EU drafts plan to toughen carbon market
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