Cities gain finance from ETS
The EU’s Assembly of local and regional leaders have adopted post-2020 recommendations on the Emission Trading System (ETS) to promote adequate carbon pricing at the international level.
In economic sectors such as construction, maritime, land and air transport, city leaders can claim up to 20% of ETS financial gains in support of regional and national efforts to combat climate change.
The European Committee of the Regions (CoR) approved the emission reductions investments as part of efforts of tackling post-2020 ETS reform by a large majority. Calls for the EU to secure adequate carbon pricing at international level were made, as were expectations of fluctuation prevention and innovation promotion.
MEP Ian Duncan (pictured) said: “Many of the factories and installations within the ETS are vital to local economies, employing hundreds if not thousands of people. It is important to remember that this reform will have a bearing on local and regional authorities. I will continue to work closely with the European Committee of the Regions as the ETS reform progresses.”
The ETS is a cornerstone EU climate change policy and a key tool in the cost-efficient reduction of industrial greenhouse gas (GHG) emissions and airborne carbon dioxide (CO2). It operates across all EU member states and includes three of the four nations of the European Free Trade Association (EFTA), that is made up of Iceland, Liechtenstein and Norway.
The European CoR was created in 1994 as a result of the Maastricht Treaty. It serves as an advisor to the European Commission, Council and Parliament where policy directly affects cities and their surrounding regions.