EU reaches deal on major carbon market reform

  • 📰 eNCA
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

EU member states and parliamentarians on Sunday announced an agreement for a major reform to the bloc's carbon market, the central plank of its ambitions to reduce emissions and invest in climate-friendly technologies.

The deal aims to accelerate emissions cuts, phase out free allowances to industries and targets fuel emissions from the building and road transport sectors, according to a European Parliament statement.

Negotiators representing member states and the parliament had spent more than 24 hours in intense talks before reaching an agreement on Saturday night that widens the scope of the carbon market. The carbon market will be progressively extended to the maritime sector and intra-European flights. Waste incineration sites will be included from 2028, depending on a favourable report by the commission.

The European Commission had proposed a second carbon market targeting building heating and road fuels, but the plan raised concerns as households grapple with soaring energy prices exacerbated by Russia's invasion of Ukraine. Funds from this second market will go to a"Social Climate Fund" designed to help vulnerable households and businesses weather the energy price crisis."This deal will provide a huge contribution towards fighting climate change at low costs," European Parliament rapporteur Peter Liese said in the statement.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Trading has been a lot more easier since I started investing & learning from AmelieLemaireX With my last R5000 I invested, I earned R40k in just a short period of time Should we call this the internet money? Please invest with AmelieLemaireX He's genuine

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 49. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mantashe a no-show at ANC's Sunday business breakfastMantashe - who is contesting his position as ANC national chairperson, was presiding over the nomination process for the party’s top leadership which concluded in the early hours of Sunday morning. He busy on video calls for morning glory Too much chow yesterday?.. and don't forget the peanuts. 😂😂 He took a short left to the labor ward
Source: ewnupdates - 🏆 30. / 53 Read more »