Top Posts
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
WHO unveils an ambitious blueprint for action on...
New report shows nearly 900 million poor people...
Lagos to Host 2025 International Climate Change Summit
New study shows overheating world will add 57...
NAICOM urges W’African insurers to invest in climate...
Climate change: Nigeria, development partners launch Net Zero...
Nigeria launches net zero project to fight climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

EU okays revamp of Europe’s main climate policy

by Segun Ogunlade April 25, 2023
written by Segun Ogunlade April 25, 2023
552

The biggest revamp to date of Europe’s carbon market, one that will make it more costly to pollute and sharpen the 27-member bloc’s main tool for cutting carbon dioxide emissions, has now been approved by EU countries on Tuesday.

The world’s first major carbon trading system has seen a 43% cut in emissions from those sectors after it was luanched in 2005 to force power plants and factories to buy permits when they emit CO2.

Last year, a deal by negotiators and the European Parliament to reform the carbon market to cut emissions by 62% from 2005 levels by 2030 and is designed to deliver the EU’s emissions-cutting targets was approved by EU member countries.

The member states’ approval means the policy can now become a law after nearly two years of EU negotiations. The EU Parliament approved the deal last week.

Of the 27 EU countries, 24 voted for the reform. Poland and Hungary opposed it, while Belgium and Bulgaria abstained.

Read also: LASTMA drains Ojota flood to reduce congestion

Poland said EU climate policies set unrealistic goals after it had previously called for the carbon market to be suspended or its price capped to ease the burden on industry, .

The cost of polluting for sectors such as cement manufacturing, aviation and shipping is expected to be hiked by the reform, that will also raise billions of euros through CO2 permit sales, for national governments to invest in green measures.

Heavy industries will lose the free CO2 permits they currently receive by 2034, while airlines will lose theirs from 2026, exposing them to higher CO2 costs. Emissions from ships will be added to the scheme from 2024.

The EU’s world-first policy to phase in a levy on imports of high-carbon goods from 2026, targeting steel, cement, aluminium, fertilisers, electricity and hydrogen was also approved by EU countries.

The carbon border levy aims to put EU industries and foreign competitors on a level footing, to avoid EU producers relocating to regions with less stringent environmental rules.

The price of EU carbon permits has spiked in recent years, due largely in part to anticipation of the reforms. EU carbon permits were trading at around 88 euros per tonne on Tuesday, having more than tripled in value since the start of 2020.

EU countries also backed plans to launch a new EU carbon market covering emissions from fuels used in cars and buildings in 2027, plus a 86.7 billion euro EU fund to support consumers affected by the costs.

Story was adapted from Reuters.

Climate changeEmissionEnvironmentEU
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
LASTMA drains Ojota flood to reduce congestion
next post
European leaders commit to boost green energy production in the North Sea

Related Posts

Former French PM urges China, Europe to unite...

October 22, 2025

WHO unveils an ambitious blueprint for action on...

October 20, 2025

New report shows nearly 900 million poor people...

October 20, 2025

New study shows overheating world will add 57...

October 16, 2025

Heaviest monsoon in a decade kills 458 people...

October 9, 2025

Council releases first fully electric bin lorry

October 9, 2025

Study shows US asthma inhalers produce same emissions...

October 7, 2025

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World