Europe's carbon market forces power plants and factories to buy CO2 permits when they pollute. It has slashed emissions in those sectors by 43% since 2005, but is facing a revamp to hit more ambitious EU climate change targets.
The more ambitious changes may struggle to win majority support when the full EU assembly votes on them in June, however. Unicredit analysts on Tuesday saw a "modest" chance of the whole parliament approving them, but said they expected EU countries to resist. The committee also voted to end free CO2 permits for industry by 2030, replacing them with a carbon border levy on imports of polluting goods. The Commission had proposed a more gradual free permit phaseout, by 2036.
The committee agreed to apply the scheme to commercial entities from 2025, and only extend it to private consumers in 2029 if certain conditions are met. It will be accompanied by a fund to shield vulnerable households from any resulting costs.
what are China Brazil and India : the worlds biggest contamination creating countries doing about all this ? we dont want to pay more taxes to clean their 💩
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