Under the new plan, the EU aims to overhaul its carbon market to meet a new target of cutting “emissions by 62% from 2005 levels by 2030,” the reuters news agency has reported.
According to the agency, “the plan involves removing 90 million CO2 permits from the system in 2024, 27 million in 2026 and cutting the rate at which the cap on CO2 permits in the system falls by to 4.3% from 2024-2027 and 4.4% from 2028-2030.”
The new rules are still to be formally adopted by the European Parliament and the European Council, reuters added.
(tf)