The Environment, Public Health and Food Safety Committee of the European Parliament Discussed and Approved Various Articles of "Fit for 55".

20 May 2022

The Committee paved the way for a broader and faster implementation of the Border Carbon Adjustment Mechanism (CBAM). In addition, the committee also increased its targets for EU carbon sink areas, thus increasing the EU's greenhouse gas emission target to 57% by 2030. All member states were given the responsibility of achieving reductions ranging from 10% to 30%. In the next stage, the regulations will be voted on in the plenary session of the Parliament. The topics approved by the Committee are as follows:

Emission Trading System

• Establishing a new emissions trading system for buildings and road transport

• Gradual deactivation of free allocations between 2026-2030 • Introducing a new incentive-penalty system by 2025

• Revenues to be used only for climate action in the EU and member states Borderline Carbon Adjustment Mechanism (CBAM)

• Earlier introduction of CBAM and end of free allocations by 2030

• Inclusion of organic chemicals, plastic, hydrogen and ammonia as well as indirect emissions

• Supporting the least developed countries with CBAM revenues • Establishing a central CBAM authority”

Source: TSKB Bulletin

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