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EU Reject Carbon Market Proposal

EMISSIONS TRADING

The EU has rejected a proposal to reform the European Unions carbon market today, sending it back to a parliamentary committee for redraft.

  • Lawmakers are split against strengthening or weakening the EU Emissions Trading Scheme (ETS).
  • Europe’s ETS is its main policy for cutting CO2 emissions driving climate change.
  • The upgrade in the scheme is aimed at reducing emission by 55% by 2030, from 1990 levels.
  • A number of lawmakers rejected the carbon market proposal after initial votes indicated parliament would weaken its ambition compared with an earlier position.
  • The parliament votes on seven other climate change policies on Wednesday, with the outcome of those also uncertain as concerns about soaring energy costs and inflation collide with Europe's commitments to fight global warming.
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