It also deprives state treasuries of the auctioning revenues that should be generated and reinvested in further climate action. Subsidising pollution in this way removes the economic incentive for heavy industry to take climate action and improve its resource efficiency. For instance, the proposal would see an overall emission reduction in 2030 that is merely 23 megatonnes lower than the rejected deal, equivalent to the annual emissions of just four steel plants.Īs well as this, copious amounts of free pollution permits will still go to large polluters until 2030, nearly 5 billion compared with the more ambitious target of just over 4 billion agreed by ENVI. In fact, the new deal bears an uncanny resemblance to the rejected deal. While MEPs from across the political spectrum have lauded the new deal as a major win, its actual benefits for the climate over the rejected deal are negligible, according to our analysis, and are substantially weaker than the environment committee (ENVI) proposal that parliament was first offered. This comes two weeks after the unexpected rejection of the compromise deal after it was watered down by amendments lowering ambitions and prolonging handouts to polluters. Today, MEPs gathered once more to vote on the overhaul of the EU ETS as part of the broader ‘Fit for 55’ package of climate policies. But there’s little cause for celebration: while the changes might appear favourable at first glance, a closer look reveals they are simply a minor facelift to the same set of polluter-friendly policies. Home » News & Press » Carbon copy: MEPs vote for Emissions Trading System reforms they rejected two weeks ago Carbon copy: MEPs vote for Emissions Trading System reforms they rejected two weeks ago Seeing double? Photo: Leonid Adronov (Canva) After being recently voted down in the European Parliament, the reform of the EU’s Emissions Trading System (EU ETS) was successfully passed today.
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