Posted on 04/18/2023 9:35:36 PM PDT by Olog-hai
The European Parliament has approved three climate laws that form the heart of EU efforts to reduce greenhouse gas emissions by at least 55 percent by 2030. […]
The first law up for adoption was the updated version of the Emission Trading System (ETS) on industry, increasing industry emission-reduction targets to 62 percent by 2030. […]
To keep EU industries competitive, a carbon border levy (CBAM) directed at goods coming into Europe was also adopted by a broad majority in parliament, making up the second leg of the so-called holy trinity. The levy will apply to imported steel, fertilizer, aluminum, cement, electricity generation and hydrogen. It will be phased in from 2026 until 2034 at the same speed as the free allowances for ETS are being phased out. […]
MEPs also approved extending ETS to the maritime sector for the first time, and phasing out free allowances for aviation by 2026 — a year sooner than proposed by the EU Commission. Half the available allowances will be scrapped in the preceding two years.
A separate carbon trading system (ETS II) will also be introduced for homes and cars in 2027 (or 2028 if energy prices are still historically high). This will increase the cost of heating, cooling and driving for consumers and businesses, incentivizing a shift to electric vehicles, electrified heat pumps and renovation.
To protect vulnerable households, small businesses and drivers against costs associated with this part of the legislation, MEPs have also approved a Social Climate Fund of €87 billion, which will come into effect in 2026, constituting the third and final part of the sweeping set of market-based climate rules at the heart of EU climate ambitions. …
(Excerpt) Read more at euobserver.com ...
The initial credits are sold by the EU, and a tax is collected on each trade, this it’s double taxed.
Is this what they used to call selling pollution credits?
In New England they are called Honest Howie’s Carbon Credits.
Wanna buy some?
😆😀😊🤗
peak retardation
Gosh - putting a suicide pact into law...
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