The European Union reached an agreement to strengthen and expand its flagship carbon market, endorsing the centerpiece of the Green Deal strategy that aims to make its economy climate-neutral by mid-century.
Under a provisional deal backed by representatives of EU member states and the European Parliament on Saturday, emissions trading will be extended to heating and road transport, and will also cover shipping, according to EU officials with knowledge of the talks. The 27-nation bloc will also accelerate the pace at which companies from power producers to steelmakers are obligated to reduce pollution.
The deep reforms are part of the region’s plan to cut emissions by at least 55% from 1990 levels by 2030, and reach net-zero by 2050.