The EU Just Made Emissions Even More Expensive

The European Union finalized the approval of a carbon tax reform that will see polluting industries face higher costs for continuing to generate emissions and incentivize the switch to wind and solar. Approved by the European Parliament last week, the reform will see the EU’s carbon permit regime extended to more industries, including air and maritime transport, and reduce the availability of these permits with a view to phasing them out entirely by 2034. In four years, the carbon permit regime will extend further to cover…