.jpg)
1 hour ago
3
Article content
(Bloomberg) — A group of 12 European Union countries urged the bloc’s executive to bolster a fund financed through the carbon market which supports poorer member states in the transition away from fossil fuels.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
In a letter to the European Commission, countries including Greece, Hungary, Latvia and Poland called for scaling up financing under the Modernization Fund in the post-2030 period as part of an upcoming review of the bloc’s Emissions Trading System. The commission is due to unveil a reform of the carbon cap-and-trade program on July 15.
Article content
Article content
Article content
The EU ETS has moved to the top of the bloc’s political agenda as the Middle East conflict exacerbated concerns over Europe’s declining competitiveness and some governments criticized carbon pricing for contributing to high energy costs.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“In the current political and economic context, characterized by increased geopolitical risks and uncertainty, predictable financing mechanisms remain an essential condition for the success of the energy transition in the EU,” the alliance said in a letter seen by Bloomberg News.
Article content
The July review is set to adjust the carbon market to a new climate goal of reducing 90% of greenhouse gases by 2040 compared with 1990 levels. The call by the coalition, which also includes Croatia, Bulgaria, the Czech Republic and Estonia, highlights the emerging battle lines in what is shaping up to be a heated debate on the final shape of the reform.
Article content
The Modernization Fund is financed by proceeds from carbon emissions trading to help lower-income EU countries invest in cleaner energy and improve efficiency. The commission estimates its total revenues in the 2021-2030 period at €57 billion, assuming carbon prices of €75 a metric ton. Benchmark emissions contracts traded at around €80 on Monday.
Article content
The signatories of the letter also include Lithuania, Romania, Slovakia and Slovenia.
Article content
Article content
English (US)