Members of the European Parliament (MEPs) have backed plans to reform the European Union Emissions Trading Scheme (EU ETS).

They supported the European Commission’s call to reduce the number of “carbon credits” or emission allowances by 2.2% each year.

They also backed plans to double the capacity of the 2019 market stability reserve (MSR) to absorb the excess of allowances on the market.
The measures are needed to bring the EU ETS into line with the aims of the Paris Agreement.

‘Major step’

Ian Duncan, the British MEP tasked with steering the measures through the parliament, said: “I am very grateful to my colleagues for supporting this report.

“The vote marks a major step forward towards meeting our ambitious climate change targets.

“Parliament has voted through ambitious measures to fulfil our Paris Agreement obligations, and we have sent a strong signal to the European Council that we are serious about the fight to stop global warming.”

> Read the European Parliament's statement