Effort sharing and LULUCF, green light from Europarliament

The Strasbourg plenary also approves the extension of the ETS market stability reserve to 2030

During Tuesday's plenary session, the Europarliament approved the proposed regulations on annual emission reductions of member states ("Effort sharing") and on land use and forestry (LULUCF) as well as the decision on the number of ETS allowances to be integrated until 2030 into the market stability reserve (MSR).
The three measures, presented by the Commission as part of the Fit for 55 package, had already been agreed with the Council, which must now give the formal green light before their publication in the Official Journal of the EU.
As far as LULUCFs are concerned, Strasbourg ratified by 479 votes to 97 with 43 abstentions the 2030 target for the so-called "carbon sinks," which will have to absorb 310 million tons of CO2 equivalent, 15 percent more than the current target. To meet the absorption in the Lulufc sector, EU countries will have binding national targets to 2030, but will be able to buy or give away absorption credits accrued under the Lulufc and Effort Sharing regulations.
Effort sharing - approved by 486 votes to 132 with 10 abstentions - sets binding levels of annual reductions for greenhouse gas emissions from sectors not covered by the ETS. The regulation raises the emissions reduction target from 2005 levels from the current 30 percent to 40 percent by 2030. For the first time, all EU countries will have to reduce emissions, with targets ranging from 10 to 50 percent (Italy will have to increase its effort from the current 33 percent to 43.7 percent).
Finally, the Strasbourg plenary - with 504 votes in favor, 118 against and 11 abstentions - gave the green light to the market stability reserve, which requires at least 24% of the surplus and 200 million allowances to be transferred to the MSR until December 31, 2030.

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