EU Environment Committee votes to revive ailing Emissions Trading System
The EU Parliament's Environment Committee voted to strengthen its carbon quota scheme on several fronts. Electricity association Eurelectric is pleased, but the proposed changes have been criticized for offering band-aid solutions.
BY MAZ PLECHINGER
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).
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