From 2021, carbon credits in the EU will be reduced by 2.4 percent annually. Meanwhile, 24 percent of the excess quotas over the period 2019-22 will be taken out and placed in the Market Stability Reserve. These were the primary changes to the EU's ailing Emissions Trading System (ETS) ushered in by a majority of EU MEPs in the Environment Committee (ENVI).
The vote was supposed to have taken place one week earlier but prolonged negotiations gave rise to bigger ambitions than the original proposal put forward by the EU Commission when it began talks to reform the trading scheme, which stood at 2.2 percent with 12 percent of surplus credits pulled out for the reserve.
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