Reforms to the EU’s Emission Trading Scheme have been approved by MEPs in Strasbourg.

Reforms to the EU’s Emission Trading Scheme (ETS) have been approved today by MEPs in Strasbourg.

The EU ETS, which creates a market in permits for carbon emissions, is the cornerstone of the EU’s policy to combat climate change and its key tool for reducing greenhouse gas emissions cost-effectively. It is the world’s first major carbon market and remains the biggest one, comprising 31 countries.

ECR MEP Julie Girling led negotiations for the Parliament on the agreement which will run from 2020 – 2030. She believes that the changes strike the right balance between the EU’s long term climate commitments whilst also ensuring that European industries are protected from being undercut by external competitors operating to lower emissions standards.

Speaking after the vote, Girling said:

“The EU must have an emission’s trading system that can deliver the goals of the Paris Agreement if it is serious about its climate leadership. We have been careful to balance environmental concerns and protecting energy intensive industries throughout Europe.

“There are now 31 countries within the EU ETS and the rest of the world are now moving forwards to create their own. We have to keep building on this momentum.”