EU Parliament Approves Major Climate Policy Overhaul and Carbon Import Tax.
The European Parliament has approved a reform of the EU's carbon market, which will increase the cost of polluting in Europe. The carbon market has already reduced emissions by 43% since 2005, but the reform aims to cut emissions by 62% from 2005 levels by 2030. The upgrade will remove free CO2 permits for factories by 2034 and add shipping emissions to the CO2 market from 2024. The EU's plan to phase in a levy on imports of high-carbon goods from 2026 was also approved. The laws still need final approval from EU countries.