European Union Reaches Agreement on Carbon Market

European Union negotiators reached a political deal on Sunday to overhaul the bloc's carbon market, the EU’s main instrument in fighting climate change, announced the Czech Presidency and the European Council.

– This 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 – said the Czech minister for the environment, Marian Jurecka, as reported by Hina, citing Reuters.

This pertains to the EU’s ability to contribute to the global fight against climate change and achieve its goal to reduce greenhouse gas emissions by 55% until 2030 compared to 1990 levels.

In order to reach that goal, the Union will have to reform the carbon market and reduce the emissions faster, which it is doing by requiring around 10,000 power plants and factories to buy CO2 permits.

The provisional deal still needs to be formally adopted by the European Parliament and the European Council.

Czech Presidency

European Council

European Parliament

Marian Jurecka

carbon taxes

carbon dioxide

CO2

CO2 emissions

climate change

overhaul of carbon market