European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, September 28, 2022. REUTERS/Yves Herman/File PhotoPolicy central to meeting EU climate goalsBRUSSELS, Dec 18 - European Union negotiators reached a political deal on Sunday to overhaul the bloc's carbon market, cutting planet-heating emissions faster and imposing new CO2 costs on fuels used in road transport and buildings from 2027.
The plan involves removing 90 million CO2 permits from the system in 2024, 27 million in 2026 and cutting the rate at which the cap on CO2 permits in the system falls by to 4.3% from 2024-2027 and 4.4% from 2028-2030. After EU lawmakers resisted including households in the scheme, negotiators agreed several measures to shield citizens from high CO2 prices.