EU reaches deal on emissions trading, social climate fund

By FRANK JORDANS
Associated Press

BERLIN (AP) — European Union governments and lawmakers reached a deal Sunday on key elements of the 27-nation bloc’s green deal. The deal will reform the EU’s trading system for greenhouse gas emissions and create a new hardship fund for those hardest-hit by measures to curb climate change. The EU’s executive Commission said the measures will require European industries to reduce their emissions by 62% by 2030 from 2005 levels, compared to a target of 43% under the previous rules. Negotiators agreed to also create a social climate fund that will help vulnerable households and small businesses cope with higher costs for fuel. The provisional agreement needs to be formally adopted by the EU Parliament and governments.