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EU Approved Several Major Climate Policies in Mid-April
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2023-05-29
The European Parliament approved several major climate policies on April 18 to pave the way for achieving EU's carbon reduction targets. First, the Emission Trading System (ETS) will phase out free carbon credits, while the carbon border adjustment mechanism (CBAM) will be officially implemented in 2026 to raise carbon tax on imported iron, steel, cement and other products. EU expects to set up a second ETS in 2027 to include carbon emissions from buildings and transportation. Finally, EU will also create a new social climate fund to reduce the energy and transport burden on the poor.
These bills are largely based on agreements reached between the European Parliament and EU member states at the end of 2022. Although the European Parliament will pass the bills and the member states will vote on them before they are formally adopted, it is expected that there will not be many changes. The series of bills passed by the European Parliament are all part of EU's large-scale climate change plan "Fit for 55", which aims to reduce net greenhouse gas emissions by 55% by 2030 compared to 1990.
The reform of the EU carbon market was approved by the European Parliament with 413 yeas, 167 nays and 57 abstentions. The carbon market mainly regulates the power generation industry and factories. Under the principle that polluters should be the ones to pay, they must purchase carbon credits to offset their carbon emissions. The new rules require these sectors to reduce their greenhouse gas emissions by 62 percent in 2030 compared to 2005, and will phase out free carbon credits from 2026 to 2034.
Reuters reported that carbon emissions from the sectors covered by the ETS have been reduced by 43% since 2005. In addition, the price of carbon credits in the European carbon market has come to 94 euros per metric tonne, almost four times the price in early 2020, due to the expected psychological impact. In February this year, the price exceeded 100 euros per metric ton.
In addition, the European Parliament voted to set up a new carbon market, namely ETS 2, for the transport and construction sectors in 2027. The proviso is that if energy prices are unusually high in 2027, the schedule will be extended to 2028. The European Parliament has also voted to include the shipping sector in the ETS, and shipping will be required to pay for carbon emissions from 2024 onwards; in the aviation sector, free credits will be phased out by 2026 to encourage the use of sustainable aviation fuels.
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