EU reaches agreement on ETS revision
New scheme for transport and buildings paired with tighter cap in existing system
Emissions covered by the EU emissions trading system (ETS) must be cut by 62pc by 2030 below 2005 levels, following an agreement between the European Parliament and the Council of the EU on a revision of the scheme. To reach this level, the number of allowances will be reduced by 4.3pc each year from 2024–27 and 4.4pc from 2028–30.There will also be a one-off reduction of 90mn in 2024 and 27mn in 2026. 62pc — Cut in ETS sector emissions below 2005 level required by The Carbon Border Adjustment Mechanism (CBAM)—on which MEPs reached an agreement with EU governments earlier this week to prevent carbon leakage—will be phased in at the same speed that the free allowances in the ETS will
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