European Union negotiators reached agreement early on Sunday on overhauling the bloc's carbon market, the bloc's main policy tool for fighting global warming, the Czech EU presidency said.
"The agreement ... will allow us to meet climate objectives within the main sectors of the economy, while making sure the most vulnerable citizens and micro-enterprises are effectively supported in the climate transition," Czech environment minister Marian Jurecka said in a statement.
Meeting that goal will require the EU carbon market to be reformed to cut emissions faster, which it does by requiring around 10,000 power plants and factories to buy CO2 permits when they pollute. Negotiators also decided to rebase "the overall emissions ceiling over two years of 90 and 27 million allowances respectively, and increase the annual reduction rate of the cap by 4,3% per year from 2024 to 2027 and 4,4 from 2028 to 2030," the statement added.
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