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European Parliament approves carbon tariffs from 2027 to accelerate industrial decarbonization

23 Jun 2022 17:00 reported by Ranny Fang

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The European Parliament passed three critical draft EU laws in the first reading. They are the reform of the Emissions Trading System (ETS), the revision of the relevant rules of the Carbon Border Adjustment Mechanism (CBAM), and the establishment of the Social Climate Fund (SCF). These projects are part of the EU's Fit for 55 package, aiming to reduce carbon emissions by at least 55% from 1990 levels by 2030.

Among them, the CBAM will be implemented from January 1, 2023, the transition period will be until the end of 2026, and the carbon tariff will be levied in 2027.

In addition, the European Parliament has called for broader implementation of CBAM to prevent carbon leakage and raise global climate targets, phase in CBAM ahead of schedule, and end free European ETS quotas by 2032.

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