‘A Trojan horse’: Inside the EU’s ‘weakened’ plan that could put the brakes on carbon emission cuts

The European Union has unveiled a controversial shake-up of its flagship climate policy that could put the brakes on cuts to greenhouse gas emissions. Since launching in 2005, the bloc’s emissions trading system (ETS) has generated more than €270 billion in revenue. This has been invested in innovation, industrial decarbonisation and the modernisation of Europe’s energy system. It has also helped Europe cut emissions by 50 per cent in the sectors it covers. However, last week (17 July) the commission argued that the “geopolitical and economic context” has changed, putting EU industry under “increased pressure”. As a result, it has…