EU ETS reform raises 2030 carbon reduction target to 62% on 2005 levels

European negotiators agreed to reform of the EU’s Emissions Trading System on Dec. 18, increasing carbon cutting ambitions to 2030, detailing the removal of free allowances and confirming the inclusion of maritime shipping and a new ETS II for buildings and transport. The headline agreement requires the ETS’ 10,000 covered installations to reduce their carbon emissions by 62% on 2005…