France Pushes Back on EU Proposal for New Carbon Market

European Union (EU), France, Hungary, Marketing/Market Forces and Sales, Netherlands, Opinions, Policy

July 22, 2021

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by Samy Adghirni, Ania Nussbaum, and Ewa Krukowska (Bloomberg) Several EU nations worried about idea at ministerial meeting; New carbon market is key part of plan to meet climate targets — France is pushing back against the European Union’s proposal to launch a new carbon market for heating and road transport, a move that worries some other EU nations and that’s quickly becoming the most controversial part of a new climate plan.

Days after the EU’s ambitious plan to tackle climate change was announced, France began lobbying behind the scenes to water down or delay the new carbon market, a central plank of the bloc’s proposal, people familiar with the matter said. Several countries, including the Netherlands and Hungary, are also concerned about its social impact, according to EU diplomats with knowledge of the talks.

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The new carbon market would extend emissions trading to heating and road transport as part of a broader package to align the economy with a target to cut emissions by at least 55% by 2030 from 1990 levels.

While carbon markets can force a shift away from fossil fuels, they have also raised concerns that prices will be passed on to consumers, a highly sensitive issue for Macron ahead of April’s French presidential election. READ MORE

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