The European Union (EU) announced a new provisional agreement late Sunday that reforms the bloc’s carbon market, successfully expanding a crucial component of the region’s broader green agenda.
After a 30-hour session, member state representatives and the European Parliament agreed to apply the EU’s Emissions Trading System (ETS) to heating, road transportation, and maritime shipping. Officials also plan to use the agreement to accelerate requirements on companies to reduce pollution, whether they produce power or manufacture steel.
The latest reforms are a part of the EU’s broader “Fit for 55” initiative to slash emissions by a minimum of 62 percent from 1990 levels by 2030. The bloc wants to reach net zero by 2050….