The EU’s strategy to reduce greenhouse gas emissions by at least 55 percent by the year 2030 was solidified with the adoption of three climate regulations by the European Parliament on Tuesday.
The Act modifies the carbon market regulations for the EU, imposes a carbon import border tax, and establishes a Social Climate Fund.
The amendments are the result of two years of negotiations between the European Commission, the EU Council, and the parliament.
By extending an emissions trading program to other businesses and reducing permitted harmful gas allowances, the decision finalizes an ambitious EU proposal to restructure Europe’s carbon market.
The revised Emission Trading System for Industry, which raised industry emission-reduction targets to 62 percent by 2030, was the first law to be implemented.