The European Union wants to overhaul its carbon market to cut planet-warming emissions faster and put a price on pollution from shipping, road transport and heating systems in buildings, according to a draft document seen by Reuters on Wednesday.
The draft proposal, due to be published on July 14, said the bloc's executive European Commission would propose a one-off reduction in the supply of CO2 permits. The amount of permits entering the EU carbon market each year would also decrease at a faster rate, starting the year after the reforms apply.
Emissions from intra-EU shipping and voyages into Europe would be added to the existing EU carbon market, while a new, separate emissions trading system would be launched for the transport sector and heating systems in buildings, it said.
(Reporting by Kate Abnett, Editing by Gabriela Baczynska)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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