European Union negotiators reached agreement early on Sunday on overhauling the bloc's carbon market, the bloc's main policy tool for fighting global warming, the Czech EU presidency and the European Council said, Trend reports citing Reuters.
"The agreement ... will allow us to meet climate objectives within the main sectors of the economy, while making sure the most vulnerable citizens and micro-enterprises are effectively supported in the climate transition," Czech environment minister Marian Jurecka said in a statement.
At stake was the EU's ability to contribute to global efforts to fight climate change, and achieve its target to cut net greenhouse gas emissions by 55% by 2030 compared with 1990 levels.
Meeting that goal will require the EU carbon market to be reformed to cut emissions faster, which it does by requiring around 10,000 power plants and factories to buy CO2 permits when they pollute.