European Parliament votes to support carbon market reform

On the 22nd, the European Parliament voted for the draft legal draft of the carbon market reform, and called for the EU carbon emission trading system to reform accordingly, and implemented the carbon border regulation mechanism (CBAM) faster and widespread.

According to the carbon border adjustment mechanism, the EU will tax on the cement, aluminum, chemical fertilizer, steel and other products imported from countries and regions with relatively loose restrictions from carbon emissions. This mechanism will be parallel with the EU carbon emissions trading system and supplement or replace its specific terms.

On the same day, most members voted to support free carbon emissions quotas for related industries by 2032, and began to gradually implement the carbon border adjustment mechanism quickly. Related income will be used for climate actions of the EU and their member states, and appropriation from the EU budget will be applied to the EU budget. Support green transformation of the most developed countries.

Next, negotiations will be held between the European Parliament and the EU member states to complete the final legislative procedure of the relevant draft law.

The European Commission proposed a package of environmental protection proposals last year, which aims to achieve at least 55%compared with the level of 1990 in 2030, and will achieve carbon neutrality by 2050. Establishing a carbon border adjustment mechanism is one of the core contents.

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