Europe's Carbon Conundrum: A Decade of Delay in Climate Action The European Commission's proposal to rewrite the rules of the EU's Emissions Trading System (ETS) has sent shockwaves through the climate community.
The changes appear incremental – a slowing of the decline in carbon allowances, free permits for heavy industry extended by four years, and some conditional funding for decarbonization investments.
However, a closer look reveals a significant story: a decade long extension of fossil fuel emissions at a lower cost to polluters. The numbers are stark.