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EU to apply CO2 emissions trading to buildings, transport, European Commission says
(Reuters, 22 Apr 2021) Plans to force industry to pay for their emissions will also be expanded into sectors such as transport, says EC head Ursula von der Leyen.
Europe will apply emissions trading to buildings and transport, European Commission President Ursula von der Leyen told a summit of world leaders on Thursday, setting the stage for the EU's planned overhaul of its carbon market.
The EU's carbon market is the backbone of its plan to cut greenhouse gas emissions. The scheme forces power plants and industry to buy permits when they emit CO2, effectively putting a price on pollution. Companies can buy and sell these CO2 permits, known as "emissions trading."
Von der Leyen said the EU would expand emissions trading into new sectors, as part of a package of policies due in June and designed to make every economic sector greener.
"We will make emission trading work not only for energy generation and industry, but also for transport and for buildings," von der Leyen told a virtual climate change summit hosted by the U.S. government.
"Carbon must have its price, because nature cannot pay the price any longer."
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