BRUSSELS: European member states, gave their final approval on Tuesday to a decision that revises the EU’s market stability reserve aimed at addressing the surplus of emission allowances that have been building up in the EU emission trading system, the EU council said.
The decision extends beyond 2023 with the increased annual intake rate of allowances of 24%, it added.
The market stability reserve is part of the bloc’s ‘Fit for 55’ package that aims to enable the EU to reduce its net greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels and to achieve climate neutrality in 2050.
The decision will be published in the EU’s Official Journal and enter into force.
The decision extends beyond 2023 with the increased annual intake rate of allowances of 24%, it added.
The market stability reserve is part of the bloc’s ‘Fit for 55’ package that aims to enable the EU to reduce its net greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels and to achieve climate neutrality in 2050.
The decision will be published in the EU’s Official Journal and enter into force.