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European Parliament Approves 'Mega Package' to Fight Climate Crisis
17 Apr 2023The European Parliament has approved a comprehensive agreement that includes important steps to reduce greenhouse gas emissions by more than half by the end of this decade, as part of the fight against the human-caused climate crisis.
The European Parliament (EP) approved the mega agreement, which includes important steps in the fight against climate change, aiming to reduce greenhouse gas emissions by 55 percent by 2030.
Parts of the agreement include the revision of the Emission Trading System (ETS) prepared to meet the climate targets of the European Union (EU), the Border Carbon Adjustment Mechanism (CBAM) for the implementation of carbon tax at the border and the establishment of the Social Climate Fund.
At the EP General Assembly session held in Strasbourg, France, various legal regulations in the "Fit for 55" package, which is a part of the European Green Deal and aims to reduce emissions by at least 55 percent by 2030, were voted on.
Wind and solar energy broke a record, reaching 12 percent of global electricity in 2022.
'The rules of the game will change'
According to Euronews Turkish, MEP member Mohammed Chahim said that the agreement will have a great impact:
“This is an absolute game-changer and a truly historic step, because for the first time we will also be asking producers to pay for imported CO2 emissions. This is the first time that the EU or any region in the world has imposed a carbon tariff or carbon price on producers outside the EU. This is a historic development in itself.”
Adolfo Aiello, Deputy General Manager for Climate and Energy of the European steel industry association Eurofer, stated that more clarity is needed to ensure fair competition with companies outside the EU.
‣ Two legislative proposals from the EU that will take its industry to net zero emissions
“Our sector is expected to invest around 30 billion euros to decarbonize over the next eight years, but it also needs to remain competitive,” Aiello said.
Belgian Parliamentarian Sara Matthieu also said, "The EU has finally created a much-needed fund to directly support those suffering from energy shortages. While this is an important achievement, it is not enough as the social pillar of the Green Deal."
What does the agreement include?
EP MPs accepted the Emission Trading System reform, which will further reduce the Union's emissions, with 413 votes, the new Border Carbon Regulation Mechanism, which includes the application of carbon taxes at the border on products such as iron, steel, cement, aluminium, fertilizer, hydrogen and electricity purchased from third countries, with 487 votes, and the establishment of a Social Climate Fund to support poor households and small businesses against the financial effects of the new emissions trading system, with 521 votes.
‣ The EU increased its solar energy capacity by half in one year: Germany comes first
According to the new laws, greenhouse gas emissions of sectors in the Emission Trading System will be reduced by 62 percent compared to 2005 levels by 2030. Free emission allowances provided to companies will also be phased out from 2026 to 2034.
A new emission trading system for fuels and structures in road transportation will be established in 2027. Thus, a fee will be paid for greenhouse gas emissions resulting from these sectors. If energy prices remain excessively high, this implementation may be postponed to 2028.
Maritime transport emissions will also be included in the scope of the system. Emissions trading for the aviation sector will also be revised. Free grants given to the aviation sector will be phased out by 2026. The use of sustainable aviation fuels will be encouraged.
With CBAM, a mechanism will be established to equalize the carbon price paid for EU products and the carbon price paid for imported goods. Thus, while non-EU countries will be enabled to increase their climate targets, production will be prevented from shifting to places with lower climate and environmental targets.
The mechanism will cover products such as iron, steel, aluminum, fertilizer, electricity and hydrogen. Those who import these products will have to pay the difference between the carbon price paid in the country of production and the carbon emission prices in Europe.
‣ The EU aims to increase the share of renewable sources in its energy needs to 42.5 percent by 2030
The EU Social Climate Fund will be established in 2026 to ensure that the climate-friendly transformation is fair and socially inclusive. Poor households and small businesses, especially those who will be affected by the increase in costs in energy and transportation, will benefit from this fund. The majority of the fund will consist of revenues from the emission system. Member countries will contribute 25 percent to the fund. The fund is expected to have a total resource of 86.7 billion euros (1.84 trillion lira).
For new laws to come into force, after this stage they must be officially approved by EU countries and published in the EU Official Journal.
Source: Green Newspaper
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