The EU’s “flagship climate instrument” is up for vote in the European Parliament on 15 February.
The European Commission has proposed a reform of the EU carbon market cap-and-trade scheme - the Emissions Trading System (ETS) which would take effect in 2021.
The ETS needs reforming because there are too many carbon pollution permits available, meaning it doesn’t cost much to pollute. Many are also given out, so a lot of carbon is still emitted for free.
This means Member States get far less money from auctioning of allowances than they should - €120 billion more in revenues is possible if the ETS reform is a strong one, MaxiMiseR showed in December! If this money is then earmarked by Member States for climate action, investments in renewables and energy efficiency would shoot up.
In December, MEPs on the European Parliament’s Environment Committee voted through a report which proposes measures that could help fix the ETS - including requiring all revenues to go to climate action, as recommended by MaxiMiseR.
On 15 February, WWF and its MaxiMiseR project are asking MEPs to show the climate some love by voting YES to the Environment Committee’s report. They should also ensure that emissions reductions are measured starting from real emissions levels not target levels in 2021, since real emissions will be lower by then than the targets require.