The first “carbon credit” system in the world has been approved by the European Union’s parliament. The plan is in its initial stages of implementation, but as one Dutch website put it: “Everyone in Europe will have to pay for carbon emissions.”
“The measures are part of a package of climate laws,” the Dutch site NOS reported. “Before 2030, CO2 emissions must be reduced by 55 percent. European industry, which already partly has to do this, will have to deal with higher emission costs, and companies from outside Europe will pay for their emissions at the border. The money raised with this can be spent on climate plans.”
“Citizens and companies will have to pay for the CO2 from the exhaust and the chimney,” the report added. “This goes through energy companies and pumping stations. They have to pay for emission allowances and then charge the costs to the customer who comes to fill up or turn on the gas heater.”
“I am pleased that a balanced agreement has been reached on the largest climate legislation package in the EU ever,” said Esther de Lange (CDA) MEP. She was one of the negotiators responsible for the coordination of the Green Deal and chief negotiator on the Social Climate Fund.
“With this deal we are drastically reducing emissions in Europe, but in a socially responsible way without harming European industry. The introduction of ETS for transport and buildings is necessary to achieve our climate goals,” she added. “This can be done not without social measures to help people make this transition, as European businesses and households are already facing exceptionally high energy prices.”
The European Parliament provided further details on the carbon credit plan.
“On Saturday night, MEPs and EU governments agreed to reform the Emissions Trading System to further reduce industrial emissions and invest more in climate friendly technologies,” the EP announced.
“Emissions in the ETS sectors must be cut by 62% by 2030, compared to 2005, which is one percentage point more than proposed by the Commission,” the EP added.
“The ETS is part of the ‘Fit for 55 in 2030 package‘, which is the EU’s plan to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels in line with the European Climate Law,” MEPs have already negotiated agreements with EU governments on CBAM, CO2 cars, LULUCF, Effort Sharing and ETS aviation.
Soon, every E.U. citizen will have to start paying for their carbon emissions in an effort to slash emissions by 55% by 2030. The earth is at historical lows in terms of both carbon dioxide levels and global temperatures, according to the climatological record.
Follow Kyle Becker on Twitter @kylenabecker.
