Reports indicated that the new tax will apply to petrol, diesel and heating fuels.
"The biggest challenge was [EU Emissions Trading System] ETS2," said Peter Liese, a German lawmaker who represented the European Parliament in the two-day negotiation. He was pertaining to the biggest carbon market in the world and the bloc's flagship climate policy instrument.
Eventually, negotiators agreed to start pricing the carbon emissions stemming from burning fossil fuels in road transport and heating in 2027, with a price ceiling of €45 ($47.74) per ton of carbon emitted that will apply until 2030.
Liese added that the deal is "even bigger than envisioned by the European Commission" because it now includes "process heat" from industrial activities as well as office heating.
Meanwhile, carbon taxes will not apply on agriculture, fisheries and trains running on diesel.
Carbon taxes will lead to higher prices at the pump
As per a study by the Potsdam Institute for Climate Research, the move will entail higher prices at the pump with up to 10.5 cents for a liter of petrol and 12 cents for diesel. However, the new scheme could be delayed by a year – until 2028 – if energy prices remain "exceptionally high," the Parliament said in a statement.
"We are being told that there is broad support for this climate legislation package across the political spectrum," renowned author Michael Snyder wrote on the End Of The American Dream website.
He added that as Europe is scheduled to reduce carbon emissions dramatically by the year 2030, the new law will be a central pillar of that effort.
"The measures are part of a package of climate laws. Before 2030, CO2 emissions must be reduced by 55 percent. European industry, which already partly has to do this, will have to deal with higher emission costs, and companies from outside Europe will pay for their emissions at the border. The money raised by this can be spent on climate plans," Snyder noted, citing an article originally written in German.
The independent writer also pointed out that the new carbon taxes are not scheduled to be implemented until after five years, so there is still time for the EU to reverse course. However, he said, other draconian measures that are designed to reduce carbon emissions are going full speed ahead right now.
"Countless farms are currently being permanently shut down all over Europe. In the Netherlands alone, thousands of farmers are facing forced buyouts whether they like it or not," he said. (Related: Farmers across EU rise up against tyrannical "green" mandates that threaten food supply.)
The EU has allocated €87 billion ($92.27 billion) for social climate fund to cushion the impact of carbon taxes on households and help them invest in green solutions.
The fund will be disbursed in 2026, a year before the new tax is implemented. It will be financed by the revenues generated by the ETS2, with 25 percent of the funding coming from EU countries.
"The strict conditions that we have set … and in particular the introduction of a price ceiling price of €45 until at least 2030, makes the measure politically acceptable in my view," said Pascal Canfin, the chairman of the Parliament's environment committee.
"This is a balanced deal that achieves the ambition we need in making the climate transition fairer and more just," said David Casa, a Maltese MEP who negotiated the deal on behalf of the Parliament's center-right European People's Party (EPP).
EU countries will "have billions at their disposal to benefit vulnerable households and micro-enterprises," Casa added.
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Watch the video below that talks about the EU's climate extortion and global carbon credits.
This video is from the SecureLife channel on Brighteon.com.
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