World’s largest carbon market faces revamp under EU plan

World’s largest carbon market faces revamp under EU plan

World's largest carbon market faces revamp under EU plan

World's largest carbon market faces revamp under EU plan

World's largest carbon market faces revamp under EU plan

The EU is hoping to meet emissions targets by reducing greenhouse gas output. (AFP)

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World's largest carbon market faces revamp under EU plan

Fossil fuel taxes, tighter permit caps and production cuts proposed in bid to meet 2050 zero emission target

Updated 13 September 2020

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BRUSSELS: The world's biggest carbon trading market faces a major overhaul under EU climate change plans to cut greenhouse gas emissions faster this decade, a draft seen by Reuters shows.

Under the EU emissions trading system (ETS) factories and power plants have to buy pollution permits to cover the greenhouse gases they emit, while airlines must do so for flights within Europe.

The draft document,