The new legislations make industrial pollution more costly while generating billions of euros for funds to be used to accelerate Europe’s energy transition.
The EU’s Emissions Trading System is the region’s main device for managing emissions by providing financial incentives to cut pollution while penalising high emitters. — Reuters
The EU’s Emissions Trading System is the region’s main device for managing emissions by providing financial incentives to cut pollution while penalising high emitters. Many key sectors such as manufacturers have already embarked on a rapid decarbonisation push, and stand to benefit from the growing volumes of low-cost renewable energy that will flow through Europe’s electricity grids come 2030.
Similarly, homes, offices and businesses that currently run off fossil fuel boilers or in countries that are fed mainly off coal and gas-fired grids will also have difficulty in economically complying with the new standards. Another key piece of Europe’s new legislation is the introduction of a new Carbon Border Adjustment Mechanism, which slaps new taxes on products that are imported from outside the EU for use by carbon-intensive industries.
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