Maros Sefcovic, the European Commission Vice President for Energy Union, has expressed the European Union's willingness to collaborate with international partners in developing a global system of linked carbon markets. The aim is to reduce greenhouse gas emissions and encourage investments in clean technologies.
Sefcovic highlighted the potential for cooperation with partners such as China, Quebec, Ontario, Manitoba, California, and South Korea to establish a worldwide network of interconnected carbon markets. This move aligns with the EU's commitment to addressing climate change and achieving its pollution reduction targets. The EU Emissions Trading System (ETS), currently the world's largest emissions-trading system, covers thousands of installations, including utilities, manufacturers, and airlines, and plays a crucial role in meeting the EU's climate goals.
During the UN climate summit in Paris, Sefcovic engaged in discussions with representatives from global companies who expressed enthusiasm for the concept. They recognized the potential of linked carbon markets as a key element of a future global carbon system. Based on these discussions, the EU is committed to developing its proposal and exploring ways to establish connections and collaboration with other emissions trading systems worldwide.
The Paris climate agreement, signed by nearly 200 countries, seeks to limit global temperature increases to within 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial levels. By pursuing the development of a global system of linked carbon markets, the EU aims to contribute to the collective efforts of nations to combat climate change effectively.
