The EU is encouraging businesses to reduce pollution by raising carbon prices- which may increase the cost of fuels.
A new deal to overhaul the EU's carbon market from 2027 by cutting emissions faster and imposing new CO2 costs on buildings and road transport fuels also includes a fund to cushion the blow of higher prices for households and small businesses, and to help them invest in renovations and electric vehicles.Why is the EU setting up a Social Climate Fund?
Under the updated ETS II scheme, which will expand to buildings and road transport fuel, there are concerns that the reforms could push up energy and fuel prices for those who can least afford it, as the higher cost of carbon is factored in. Vergne welcomed the EU's efforts to provide more financial aid to help consumers make a green transition, but said the new fund would only represent"a fraction of the support needed".EU leaders and parliamentarians still need to rubber-stamp the ETS II deal, which could happen early in 2023.
If carbon prices hit 45 euros a ton, then extra emissions permits will be released into the market to temper prices. "It is most likely that a further increase in energy prices will therefore have a grimmer impact there."
Whenever the word social is used in any sort of context or endeavours, it always leads to shit.
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Almost feels like they will be creating zombie businesses to keep them afloat. Problem being they will need to keep subsidies rolling because when those stop the party will stop. This is the de-industrialisation of the EU.
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