The European Union member states and parliamentarians announced on Sunday an agreement for a major reform to the bloc's carbon market.
The deal aims to accelerate emissions cuts, phase out free allowances to industries and targets fuel emissions from the building and road transport sectors.
According to a European Parliament statement, the EU Emissions Trading System (ETS) allows electricity producers and industries with high energy demands such as steel and cement to purchase "free allowances" to cover their carbon emissions under a "polluter pays" principle.
The quotas are also designed to decrease over time to encourage them to emit less and invest in greener technologies as part of the European Union's ultimate aim of achieving carbon neutrality.
The European Commission's deal means emissions in the ETS sectors are to be cut by 62% by 2030 based on 2005 levels, up from a previous goal of 43%. Concerned industries must cut their emissions by that amount.
The agreement also aims to make households pay for emissions linked to fuel and gas heating from 2027, but the price will be capped until 2030.
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