The Council of the EU announced that it had reached an agreement on a revision of European legislation on free carbon dioxide emission trading allowances for heat and fuels. This measure aims to protect European industries and is to be agreed with the European Parliament, the statement said, BTA reported.
The change will help energy-intensive industries remain competitive and is part of changes to the EU emissions trading system. EU countries agreed today to increase the free allocation of emission allowances, using around 88 million available allowances by 2030. According to estimates by the European Commission, this represents a cost saving of 6 billion euros for the sectors concerned, the statement added.
The Council is adding another 33 million allowances that were not previously allocated. Negotiations with the EP will start once MEPs have agreed their position. The aim of the Irish Presidency of the Council of the EU is to reach a swift agreement to allow for the timely implementation of the revised reference values, while ensuring support for these industries, the communication states.
The change was proposed by the European Commission in July and takes into account the competitiveness concerns expressed by industry and EU countries over the reduced reference values of the European Emissions Trading System and free allowances.