Reform of the CO2 emissions system protects climate and jobs

The European Parliament has approved the reform of the emissions trading system. That European trade in emissions rights, introduced in 2005, is intended to help lower CO2 emissions drastically; however, the current system isn’t enough. For that reason, MEP Mark Demesmaeker, as a member of the Environment Committee, is supporting the reform that is on the table: “The emissions trading system operates badly today. We must continue to work on eliminating the shortcomings. This reform is an important step in the direction of an efficient, balanced and innovative emissions trading system. Only in this way can we reduce the emissions of CO2 by 40% by 2030.”

Mark Demesmaeker emphasises the importance of the reform for carrying out the Paris Agreement: “Carbon market operations must improve and become more efficient. Due to an oversupply of emissions rights, the price per emission right has fallen to five euros per tonne of CO2. This reform must lead to a more robust CO2 price and by so doing stimulate climate-friendly investments.”

Delicate balance

According to Mark Demesmaeker a delicate balance has been found, which protects both the climate and jobs in Europe: “Our policy choices must be sustainable, so that we can keep them up for decade after decade. The EU is the biggest emitter of CO2 in the world after China and the United States. However, the EU has the most ambitious climate goals in the world. The N-VA wants to take a leading position in the pack with Flanders and Europe, without blowing its tyres. We must not turn winners into losers. When companies quit Europe for third countries where climate regulations are less stringent, we lose twice: the jobs are gone and we are doing nothing for the climate. This reform limits that risk because the companies in the top 10% of the class get free emissions rights.”

The N-VA also welcomes the strong focus on innovation. “You don’t just achieve a low-carbon Europe with a workable system of emissions rights, but also and above all with innovative solutions for the climate problem both inside and outside Europe,” Mark Demesmaeker concludes.