On 22 June 2022, the European Parliament (EP) adopted the package of carbon legislation, with a significant majority of votes. The package includes the revision of the European Union (EU) Emission Trading System (EU ETS), the new Carbon Border Adjustment Mechanism (CBAM) and the Social Climate Fund.
In the EU legislative process, the next step will be negotiation of the EP with the EU Council, i.e., the EU Member State representatives. Media reports indicate that the French Presidency will likely drive the process quickly.
The adoption of the carbon package comes after a rejection of the previous draft version of the carbon legislative package on 8 June 2022 in the EP. This prompt new agreement reflects a strong commitment to implement the European Green Deal measures. The vote also points toward the balancing act of ambitious climate goals and the need for time for the EU industry to transform.
Source EY
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