EU Carbon Market Reforms Passed by Member States
EU states agree. File Image / Pixabay.
Reforms to the European Union's carbon market have been passed by the bloc's member states.
The changes should increase the cost of polluting in Europe in the years ahead and cut carbon dioxide emissions faster, Reuters reports.
The member states' vote was the final approval the policy needed, and it can now pass into law, according to the report.
The reforms would cut the supply of carbon permits in the market faster than planned, phase out free permits for industries by 2034, and bring the shipping sector into the carbon market, starting in 2024.
Shipping's inclusion in the emissions trading scheme was agreed last year. All ships over 5,000 GT in size will be included in the ETS, covering 100% of emissions from intra-EU voyages and 50% of emissions from voyages between EU ports and the rest of the world.