EU to tighten climate laws

The European Parliament has passed legislation aimed at reducing greenhouse gas emissions in the European Union. Under the new measures, companies and citizens will be required to pay for the emissions they produce, which will result in increased costs for refueling, energy bills, and airline tickets. The move is part of the EU’s efforts to encourage sustainable practices and investment in electric transport and better insulation.

To meet the EU’s goal of not contributing to global warming by 2050, the emissions of the 27 countries must be reduced by 55 percent by 2030 compared to 1990. The Fit for 55 package from Frans Timmermans, Vice-President of the European Commission, addresses this goal and was approved by the European Parliament with 413 votes in favour, 167 against, and 57 abstentions.

The legislation also strengthens the European emissions trading system (ETS) for companies that emit greenhouse gases such as steel and cement factories and energy producers. These companies are required to purchase certificates to obtain permission to emit CO2, which are becoming increasingly expensive, incentivising them to adopt more sustainable practices.