On Tuesday (18), the European Parliament voted to approve comprehensive reforms in the European Union's carbon market. Among the measures discussed are cutting the supply of carbon allowances to the market faster than planned, phasing out free allowances for industries by 2034 and gradually introducing the shipping sector into the carbon market from 2024.

The bloc expects these initiatives to contribute to the increase in the cost of greenhouse gas emissions in Europe and reduce emissions more quickly. The changes were approved by a vote of 413 in favor, 167 against and 57 abstentions, Reuters reports.

These reforms were agreed by negotiators from the European Parliament and EU countries as early as 2022, but after today's approval they still need to be accepted by lawmakers from member countries, which is expected to happen in the coming weeks.

Europe's carbon market forces power plants and factories to buy CO2 permits when they pollute the atmosphere with gases that exacerbate global warming. Since 2005, the market has already reduced emissions from these sectors by 43% and the redesign comes to deliver more ambitious targets within the EU's climate change plans. With the changes, the reduction is expected to reach a 62% drop from 2005 levels by 2030.

Source: Um só Planeta