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On December 19, 2014, the European Union (EU) Commission called for comments on EU Emission Trading System Directive revisions. The revisions include changes to how carbon allowances will be made available to participants in the EU’s emissions trading system after 2020 to reduce GHG emissions by at least 40 percent in 2030 compared to 1990. The 2030 framework for climate and energy also proposes the use of 400 million carbon allowances to create a fund...

During a summit in Brussels on October 23-24, 2014, European Union (EU) leaders agreed to a blueprint to guide climate and energy policy through 2030. The overall goals of the blueprint are to achieve a 40 percent emissions reduction by 2030, relative to 1990 emissions levels, as well as a target of 27 percent for total energy consumption in the EU being provided by renewable sources by 2030. The EU already has a 20 percent...