Europe’s carbon market expansion plans could hardly have come at a worse time.
Starting Friday, EU institutions will attempt to finalize an extensive revamp of the bloc’s Emissions Trading System (ETS), the centerpiece of Brussels’ efforts to reduce emissions.
That includes extending the scheme to transport and buildings — meaning climate legislators this weekend face the unenviable task of hammering out a deal to make heating and fuel more expensive at a time when millions of Europeans are struggling to pay their bills.
The painful rise in energy prices isn’t driven by carbon pricing, but there’s no denying that the current situation has made a tricky piece of legislation even more controversial.
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