EU Parliament votes boost carbon price

The European Parliament has endorsed the proposed stricter 2030 emissions-reduction target that would see a reduction of 60 per cent from 1990 levels, creating pressure on the EU to regulate for the target and pushing carbon credits to a new high.

The decision to push the reduction up from 40 per cent took place as part of voting on the proposed European Climate Law, the legal framework for achieving carbon neutrality by 2050. The vote also demanded tat EU countries meet the targets individually, rather than collectively, meaning that each state must meet the targets and cannot rely on other states better performance to offset their emissions. Likewise carbon sinks and projects in other countries cannot be counted.

On the news carbon prices gained 4 per cent, but the final outcome of the legislation will take a few more political turns and the final reduction targets could be lowered again, in part to accommodate countries such as Poland and Hungry.

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