EU talks resume in hunt for pivotal carbon market deal

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European Union negotiators were set on Saturday morning to resume efforts to reach a deal on overhauling the EU carbon market, the bloc's main policy tool for fighting global warming, after a first round of talks failed on Friday.

At stake is the EU's ability to contribute to global efforts to fight climate change, and achieve its target to cut net greenhouse gas emissions by 55% by 2030 compared with 1990 levels.

"On Friday, a lot was negotiated, but little was decided. Saturday morning we will continue and hopefully conclude the negotiations on Europe's largest climate protection package," said German lawmaker Michael Bloss, a European Parliament negotiator. Negotiators are at odds over how quickly to end the free CO2 permits the EU gives industries to protect them from foreign competition. Those permits will be wound down as the EU phases in adesigned to prevent domestic firms from being undercut by overseas competitors.

Other issues include a planned new carbon market to impose CO2 costs on suppliers of fuel for cars and heating homes, a divisive policy thatRevenue raised by the new market would form a 59 billion-euro fund to compensate consumers facing higher bills, under the original EU proposal.

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Do you realize you are seeing condensed water vapor rising? Clouds. CO2 is not a problem. Water dominates GHG effects by far, comprising 95% of GHGs.

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