European Parliament votes for carbon market reforms to start phasing in carbon border regulation sooner
Xinhua News Agency, Brussels, June 22 (Reporter Kang Yi) The European Parliament voted on the 22nd to support the draft law on carbon market reform, calling for corresponding reform of the EU carbon emissions trading system and faster and wider implementation of the carbon border adjustment mechanism (CBAM).
According to the carbon border adjustment mechanism, the EU will levy taxes on cement, aluminum, fertilizer, steel and other products imported from countries and regions with relatively loose carbon emission restrictions. This mechanism will run in parallel with the EU ETS and supplement or replace its specific provisions.
On the same day, the majority of parliamentarians voted to completely eliminate free carbon emission quotas for related industries by 2032, and to start the gradual implementation of the carbon border adjustment mechanism sooner. Support the green transition of the least developed countries, etc.
Next, negotiations will be held between the European Parliament and EU member states to complete the final legislative process of the relevant draft laws.
The European Commission last year proposed a package of environmental proposals aimed at reducing net EU greenhouse gas emissions by at least 55% by 2030 compared with 1990 levels and achieving carbon neutrality by 2050. The establishment of a carbon border adjustment mechanism is one of the core contents.