The agreement is a fundamental step towards realizing the EU’s commitment to reduce net greenhouse gas emissions by at least 55% by 2030
Its satisfaction with the provisional agreement reached with the European Parliament and the Council early on Sunday morning to strengthen the EU Emissions Trading System (ETS), the implementation of emissions trading in new sectors, with the aim of effective action to the climate in the entire economy, and the establishment of a Social Fund for the Climate, expresses the European Commission.
The agreement is a fundamental step towards realizing the EU’s commitment to reduce net greenhouse gas emissions by at least 55% by 2030. At the same time, the Social Climate Fund will ensure that the transition is just.
In light of the Russian invasion of Ukraine, this agreement demonstrates once again the EU’s determination to become climate neutral by 2050, transform our economy and society, leave no one behind and ensure energy security us security. Complementing the significant climate spending foreseen in the EU budget, Member States will spend all of their emissions trading revenues on climate and energy-related projects as well as addressing the social aspects of the transition .
European Green Deal Executive Vice-President Frans Timmermans said: “Emissions trading — the pricing of carbon emissions — is a central element of the European Green Deal. A stronger emissions trading system will help us drive investment in decarbonisation and reduce emissions further and faster, in line with our climate targets. With the new Social Climate Fund, the EU will ensure that the green transition happens by protecting our most vulnerable citizens and helping them to participate in the transition. At the end of a difficult year, this is positive news that we all need. Against extremely adverse conditions, we continue to implement the European Green Deal with the aim of a sustainable future.”
Yesterday’s deal will reduce emissions from the EU’s ETS sectors by 62% by 2030, compared to 2005 levels. The deal will phase out free emission allowances for some companies and phase in the carbon border adjustment mechanism ( MSPA) between 2026 and 2034 for the sectors covered. Yesterday’s agreement follows the provisional agreement reached on the Treaty on European Union by European co-legislators on 13 December. To support Member States in their efforts to reduce emissions from buildings and road transport, as well as from certain industrial sectors, a new separate emissions trading system will start from 2027 for fuel use.
The compromise also increases the size of the Innovation and Modernization Funds and creates a new Social Climate Fund, which will provide specific financial support to Member States to help vulnerable citizens and micro-enterprises with investments in energy efficiency measures. It will be financed with 65 billion euros from the EU budget, while an additional 25% will be co-financed by the member states.
The provisional agreement now requires formal approval by Parliament and the Council.
Nikos Andritsos
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