EU Parliament clears way for carbon market reform

Quantum Commodity Intelligence - The European Parliament voted on Thursday to give the final green light to the first ever EU climate law, making the bloc's greenhouse gas emission targets legally binding, although there was opposition from green and left-wing parties who are in favour of more ambitious targets.

The EU's 27 member states and MEPs reached an agreement in April on the climate law, making the bloc's goal of reaching net zero carbon dioxide emissions by 2050 legally-binding.

This also includes the target of cutting emissions 55% below 1990 levels by 2030.

The EU Parliament officially approved the law with 442 votes in favour, 203 against and 51 abstentions.  

The move clears the way for a sweeping package of policies to meet the targets, which the European Commission will propose on July 24, tightening and broadening the scope of the EU carbon market.