Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Top Stories

Posted By Wanda Rich

Posted on June 7, 2022

Featured image for article about Top Stories

By Kate Abnett

BRUSSELS (Reuters) -The European Parliament will vote this week on a raft of EU climate change policies designed to cut Europe’s emissions over the next decade, with proposals facing multiple amendments and the outcome uncertain for some of the most ambitious plans.

The plans aim to put the 27-country European Union – the world’s third-largest economy – on track for its goal of reducing net greenhouse gas emissions 55% by 2030, from 1990 levels.

The EU parliament will debate eight proposals on Tuesday and vote on them on Wednesday, to confirm its position for negotiations with EU countries on the final legislation.

Members of the parliament are considering hundreds of amendments that could increase or weaken the impact of the EU’s climate policies.

One proposal represents the biggest overhaul of the EU carbon market since its launch in 2005. This would reinforce the scheme to cut emissions for the sectors it covers by 61% by 2030, under an original plan by the European Commission, which drafts EU laws.

Some lawmakers will attempt to strengthen that to a 67% emissions cut. Peter Liese, lead lawmaker on the carbon market reform, said he was “optimistic” a compromise for a 63% cut would win majority support.

Another proposal key to the EU’s climate target would impose a 100% cut in CO2 emissions from new cars by 2035 – effectively banning new combustion engine car sales. Amendments by the EPP, parliament’s biggest lawmaker group, will attempt to weaken that to a 90% CO2 cut.

Meanwhile, lawmakers look set to scale back plans for a new EU carbon market imposing CO2 costs on the polluting fuels used in buildings and transport. Parliament’s environment committee last month voted to restrict the scheme to the commercial sector, exempting private consumers.

“This will take two-thirds of the emissions out of the system,” EU climate policy chief Frans Timmermans said, urging lawmakers to back the policy and use the revenue it generates to help vulnerable households switch to clean energy.

A tight vote is also expected on the EU’s world-first plan to impose a CO2 levy on imports of carbon-intensive goods like steel and cement, with lawmakers split over how quickly the scheme should replace the free CO2 permits those industries currently receive.

Options up for the vote on Wednesday include a free CO2 permit phase-out by 2030, 2032 or 2035. Industries have urged lawmakers not to pull forward the date, which would hike the price they pay to pollute.

(Reporting by Kate Abnett. Editing by Jane Merriman and Emelia Sithole-Matarise)

Recommended for you

  • Thumbnail for recommended article

  • Thumbnail for recommended article

  • Thumbnail for recommended article

;