Environment

EU to reduce issuing carbon credits by 2,2 percent annually

Photo: Pixabay

Published

February 17, 2017

Country

Comments

0

Share

Published:

February 17, 2017

Country:

Comments:

0

Share

The European Parliament supported the European Commission’s proposal to reduce the number of carbon credits by 2,2 percent each year from 2021 as against 1,74 percent in the existing legislation.

The MEPs are already planning to increase that percentage to 2,4 by 2024 at the earliest, announced the European Parliament. Carbon credits are permits issued to countries for the production of a certain amount of carbon emissions. They can also be traded on the EU Emissions Trading System (ETS).

EU ETS, which operates in 31 countries including all 28 EU countries plus Iceland, Liechtenstein and Norway, limits emissions from more than 11,000 heavy energy-intensive power stations, industrial plants and airlines. It covers around 45 percent of the EU’s greenhouse gas emissions.

The EU plans to boost greenhouse gas emission curbs through influencing the Emissions Trading System. The goal is to bring EU climate policy into line with the aims of the Paris climate agreement. Also, the plan is to double the capacity of the 2019 market stability reserve (MSR) to absorb the excess of allowances on the market.

“The Parliament has voted through ambitious measures to fulfill our Paris Agreement obligations, and we have sent a strong signal to the European Council that we are serious about the fight to stop global warming,” said EP rapporteur Ian Duncan after the voting. The Commission’s proposal was approved by 379 votes to 263, with 57 abstentions.

The European Council will meet at the end of February. If member states agree on a common position, negotiations between the Parliament, Council and Commission can proceed to determine the final shape of the legislation.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment

Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

res foundation air pollution conference belgrade

World Bank: Main sources of air pollution in Belgrade are heating, road transport, coal power plants

03 December 2020 - The largest sources of pollution are in the urban area - heating and road transport, but also outside the urban area - thermal power plants.

Montenegro's ban small hydropower concessions

Montenegro’s new cabinet to ban small hydropower, revise concessions

03 December 2020 - Prime Minister-designate Zdravko Krivokapić said the government would ban the construction of small hydropower plants and review all concessions

Kosovo renewable energy auctions NECP

Kosovo* to launch renewable energy auctions, submit NECP next year

03 December 2020 - Kosovo* is preparing to open renewable energy auctions in cooperation with the EBRD, and its National Energy and Climate Plan is almost finished

desulphurization so2 TENT B grcic mihajlovic vujovic

SO2 emissions from Nikola Tesla B coal plant to be reduced 20 times by 2024

02 December 2020 - One of the ten largest SO2 emitters among power plants in Europe starts the construcution of a flue gas desulphurization facility.