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Wrangle over EU carbon market revamp threatens climate targets

Reuters · Kate Abnett · last updated

BRUSSELS, May 6 (Reuters) — Officials and lawmakers negotiating an overhaul of the EU carbon market are struggling to reach a compromise over plans to levy CO2 costs on suppliers of polluting fuels, potentially putting the bloc’s climate change targets at risk.

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Related Knowledge Center: Climate diplomacy

State of Play

Talks are well underway in preparation for the next major international meeting on climate change, 28th Conference of the Parties (COP28), scheduled to begin Nov. 30 in the United Arab Emirates. 

Much like last year’s COP27, finances — specifically, aid to developing nations — will be at the center of conference deliberations.

The conference faces an even greater sense of urgency brought on by the Sept. 8, 2023, release of the first global stocktake, which calls for accelerated action to meet the goals set in the 2015 Paris Climate Agreement (COP21). 

Climate diplomacy: COP 27 | Climate diplomacy: COP 28 | Climate diplomacy: COP 29

 

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