European Union negotiators reached a political deal on Sunday to overhaul the bloc's carbon market, cutting planet-heating emissions faster and imposing new CO2 costs on fuels used in road transport and buildings from 2027.
The EU carbon market requires about 10,000 power plants and factories to buy CO2 permits when they pollute — a system central to meeting the EU's target to cut its net emissions 55 per cent by 2030 compared with 1990 levels.
Under the deal agreed by negotiators from EU countries and the European Parliament, the EU carbon market will be reformed to cut emissions by 62 per cent from 2005 levels by 2030.
The plan involves removing 90 million CO2 permits from the system in 2024, 27 million in 2026 and cutting the rate at which the cap on CO2 permits in the system falls by to 4.3 per cent from 2024-2027 and 4.4 per cent from 2028-2030.
“From 2027 on, it's crunch time. Everybody needs to reduce emissions by then or will have to pay a lot,” said the European Parliament's lead negotiator Peter Liese, adding that he hoped this looming deadline would encourage investment in green energy.
From 2026-2034, the EU will phase out the free CO2 permits it currently gives industries to protect them from foreign competition. Those permits will be wound down as the EU phases in a carbon border tariff designed to prevent domestic firms from being undercut by overseas competitors.
After 30 hours of talks that started on Friday, the EU also agreed to launch a new carbon market covering suppliers of CO2-emitting fuels used in cars and buildings in 2027.
After EU legislators resisted including households in the scheme, negotiators agreed several measures to shield citizens from high CO2 prices.
If fuel prices are as high in 2027 as they are today, the introduction of the carbon market would be delayed to 2028. If its CO2 price hits €45 ($47.62), then extra CO2 permits will be released into the market to attempt to tame prices.
The price of EU carbon permits has soared in recent years, boosted by the expectation that tougher EU emissions targets would curb the supply of CO2 permits in the scheme. The benchmark EU carbon price closed trading at around €84 per tonne of CO2 on Friday, roughly 10 times its value five years ago.
The EU will also launch a €86.7 billion fund to help consumers and small businesses cope with the CO2 costs and invest in energy-saving building renovations or electric vehicles — funded partly by revenue from the new EU CO2 market, and partly by national governments.
The provisional deal still needs to be formally adopted by the European Parliament and the European Council.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
The%20Roundup
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Fast%20X
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How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
Bullet%20Train
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Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
THE SPECS
Aston Martin Rapide AMR
Engine: 6.0-litre V12
Transmission: Touchtronic III eight-speed automatic
Power: 595bhp
Torque: 630Nm
Price: Dh999,563
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press
