A European Union flag flutters in front of the monument of Parthenon on Acropolis hill in Athens June 17, 2012. — Reuters pic
The draft document, which confirms that the European Commission will next week propose that the EU sets a target to cut emissions from 1990 levels by “at least 55 per cent” by 2030, lays out options it is considering delivering the new goal.The existing target of a 40 per cent cut by 2030 will not be enough for the EU to meet its goal of net zero emissions by 2050.
The Commission, which will propose a law containing the ETS reforms by June 2021, will assess what this means for the amount of free permits given to industry, a system designed to avoid companies relocating outside Europe to avoid carbon costs.
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