On Tuesday, the European Parliament greenlit extensive changes to the European Union's carbon market, aimed at increasing the cost of polluting in

Europe and reducing CO2 emissions more rapidly in the coming years. The reforms aim to reduce the supply of carbon permits in the market at a faster pace than previously planned, gradually eliminate free permits for industries by 2034, and bring the shipping sector into the carbon market, starting in 2024. The changes were approved by a vote of 413 in favour, 167 against, and 57 abstentions. Although the reforms were negotiated and agreed upon by the European Parliament and EU countries last year, they still require final approval from EU countries in the next few weeks before coming into effect.