EU nations reach compromise on carbon market reform

Brussels

EUROPEAN Union (EU) nations reached a compromise on long-awaited reforms to the carbon emissions market on Tuesday, moving the EU closer to adopting key rules to deliver on its pledge to cut greenhouse gas emissions under the Paris climate accord.

Eager to maintain its leadership on climate change diplomacy, EU environment ministers sought to bridge divisions over how to balance environmental ambitions with protection for energy-intensive industries in reforming the Emission Trading System (ETS).