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More Carbon-Market Cuts Eyed as EU Parliament Starts Debate

  • Lead lawmaker on post-2020 emission caps unveils draft report
  • U.K.’s Duncan seeks "triple lock" on European ambitions
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The European Parliament will consider enabling faster carbon reductions in Europe’s emissions market after an assessment in 2023, the strongest signal to date that a global climate deal may prompt tougher caps on companies.

Ian Duncan, the European Union assembly’s lead lawmaker on a reform of the world’s biggest cap-and-trade program, made the proposal in a draft report that kicks off legislative work on the post-2020 overhaul. The law, proposed to adjust the Emissions Trading System to EU climate goals for 2030, needs majority backing from the Parliament and weighted majority support from national governments to take effect.