EU Plans Slower CO2 Cuts, More Free Permits for Industry in Carbon Market Overhaul

BRUSSELS, July 8 (Reuters) – The European Union could allow industry to emit CO2 for longer and give companies more free carbon permits under plans drafted by the bloc to make its emissions trading system more flexible, a European Commission official said on Wednesday.

• The EU ETS is the bloc’s main policy for addressing climate change. It forces power plants, industries, shipping firms and airlines to buy permits when they emit CO2, providing a financial incentive to pollute as little as possible.
• The Commission will propose an overhaul of the ETS on July 17.
• The revision aims to