EU parliament backs carbon market reform

Brussels: The European Parliament on Wednesday voted to adopt reforms to the EU’s carbon market, reversing its surprise rejection two weeks ago of an initial draft of a key part of the bloc’s climate plan.

The vote this time saw 439 MEPs in favour — with 157 against and 32 abstentions — of a parliamentary position to negotiate with EU member states for an enlargement of Europe’s Emissions Trading System (ETS) to include carbon from transport and construction.

The compromise also calls for a gradual phase-out of exemptions for industry over five years to 2032 in exchange for a carbon tax on imports at the EU’s borders.

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