The European Parliament on Wednesday endorsed the long-anticipated carbon market reforms, easing worries that Europe’s climate actions might be delayed after legislators rejected the proposals in a first vote earlier this month.
The overhauls are expected to accelerate emission reductions under the European Union’s Emission Trading Scheme (EU ETS), which is the centerpiece of a legislative package aimed at reducing the bloc’s net greenhouse gas production by 55% by 2030 compared to 1990 levels.
The compromise was reached after members of the European Parliament (MEPs) rejected the full carbon market bill in the first vote two weeks ago, when they disagreed on how swiftly to stop free permits in the face of growing energy costs and inflation.
