‘Money time’ for EU carbon market reform in the European Parliament

(EurActiv, 2 May 2022) The lawmaker overseeing the adoption of a key package of EU climate legislation in the European Parliament has urged colleagues to stop fighting over the proposed reform, saying Europe must rise to the occasion in the current geopolitical context.

Pascal Canfin, a French centrist MEP who chairs the European Parliament’s environment committee, has warned against entrenched positions on the EU’s proposed carbon market reform and urged colleagues to show a spirit of compromise.

“The message I want to convey is that everyone must stop repeating their starting positions and enter a real phase of negotiation,” Canfin told EURACTIV, warning that failure to reach agreement on the package before a committee vote on 17 May would risk derailing the EU’s climate agenda.

“Without an agreement in the committee, the package can be reopened in all its dimensions in plenary. And I don’t think, given the climate emergency and the current geopolitical context, that we can afford to gamble with this,” he said.

“That would be like playing a coin toss with the future of the climate package,” Canfin warned saying the adoption of the carbon market reform risked hinging on as little as five votes in the Parliament’s plenary.

The EU’s emissions trading scheme (EU ETS) – which establishes the world’s largest carbon market – is often described as the crown jewel of European climate policy. It is now being revised to align the bloc with its new climate ambition of cutting global warming emissions by a minimum of 55% by 2030.

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EurActiv, 2 May 2022: ‘Money time’ for EU carbon market reform in the European Parliament