EU to host three meetings this summer to talk about emissions and carbon markets
The European Commission will hold three meetings this summer, because they want to ensure the bloc’s industries can compete in global markets while meeting goals to cut greenhouse gas emissions.
The meetings aim to analyze if the companies can continue to receive free carbon permits under the EU Emissions Trading System (ETS) beyond 2020, when current measures expire. They will also include how EU governments can fund the development of new technologies to cut emissions.
The Commission in January proposed an EU-wide greenhouse gas reduction goal of 40 percent below 1990 levels by 2030, deepening the current 2020 target of a 20 percent cut.
That target would lower the cap on emissions for over 13,000 companies under the ETS, which regulates around half of the bloc’s greenhouse gas output and obliges firms to hold one carbon permit for every ton they emit.
The EU is among a handful of bodies or nations that have agreed to legally-binding emission targets under the U.N.’s Kyoto Protocol but all nations have pledged to curb emissions under a new U.N. climate pact due to be signed in 2015 and to take effect from 2020.
The Commission said the first webstreamed meeting will be held on June 16, with the other two tentatively scheduled for July and September.