EU Reaches Political Agreement On Climate Change Package
The European Council and the European Parliament have reached an early political agreement on a package of bills aimed at reducing harmful emissions.
The legislative initiatives, according to a statement from the European Parliament (EP), aim to phase out exemptions for industry and reduce emissions from the construction and automotive sectors.
By 2030, emissions are expected to be reduced by 62%. Industry exemptions will be phased out beginning in 2026 and will be gone by 2034.
According to the EP statement, European climate policy is based on the polluter pays principle, which is critical to achieving EU climate neutrality.
Previously, the European Parliament and EU countries reached a preliminary agreement on a Carbon Border Adjustment Mechanism (CBAM). It proposes imposing a tax on carbon dioxide emissions.