Home Markets Shipping, heating and cars targeted in EU carbon market revamp

Shipping, heating and cars targeted in EU carbon market revamp

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A cargo ship is moored at the Piraeus Container Terminal, near Athens, Greece, September 20, 2017. REUTERS/Alkis Konstantinidis/File Photo

BRUSSELS, June 30 (Reuters) – The European Union wants to overhaul its carbon market to cut planet-warming emissions faster and put a price on pollution from shipping, road transport and heating systems in buildings, a draft document seen by Reuters on Wednesday shows.

The bloc’s executive European Commission will next month propose the biggest revamp of its emissions trading system (ETS) since the policy launched in 2005. The ETS forces power plants, factories and airlines running European flights to buy CO2 permits, creating a financial incentive to pollute less.

The reforms are part of a package of EU policies Brussels will propose on July 14 as it strives to meet the EU’s target to cut net emissions by 55% by 2030, from 1990 levels. Most EU policies are designed to comply with an old climate target and need…

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