Uplifting News

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Greenhouse gas output from fossil fuels for road transport and heating buildings will be capped at just over a billion tonnes a year, with suppliers having to compete in a new carbon market for emissions allowances in a system set to drive up fuel prices unless governments take swift action to cut demand.

The scheme, due to start in 2027, is similar to the EU emissions trading system (ETS) launched almost 20 years ago, which forces the operators of factories and power plants pay for every tonne of carbon they emit.

In a decision adopted on Tuesday (3 November) the European Commission has set the cap for the first year, reflected in the number of allowances to be auctioned, at just over a billion tonnes of CO2 equivalent. Total EU emissions came to about 3.2 billion last year following an 8% drop."

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