The European Council and the European Parliament agreed on a number of proposals aimed at curbing climate change, the Council announced on Sunday. The measures include expanding the Emissions Trading System, the European Union's carbon market responsible for decreasing emissions by 41% since 2005. The system will now be reinforced, resulting in a 62% emissions decrease by 2030 in the sectors it covers.
The EU will also set up a Social Climate Fund, in order to help vulnerable households, micro-enterprises and transport users "cope with the price impacts of an emissions trading system for the buildings and road transport and fuels for additional sectors." The fund will be established between 2026 and 2032, and "be part of the EU budget and fed by external assigned revenues" worth up to €65 billion.
