EU Commission calls for comments on emissions trading revisions
On December 19, 2014, the European Union (EU) Commission called for comments on EU Emission Trading System Directive revisions. The revisions include changes to how carbon allowances will be made available to participants in the EU's emissions trading system after 2020 to reduce GHG emissions by at least 40 percent in 2030 compared to 1990. The 2030 framework for climate and energy also proposes the use of 400 million carbon allowances to create a fund for renewable energy and carbon sequestration projects, and the use of two percent of allowances to finance energy efficiency and energy system upgrades in poorer EU countries. Parties interested in commenting on the revisions must register and submit input by March 16, 2015.