The European Union announced on Wednesday that it would revise its carbon trading scheme and reform its electricity market to help the region meet its goal of curbing greenhouse gas emissions. An important step is to propose legislation to speed up the reduction of the number of carbon permits issued and redesign the carbon emissions trading system after 2020. Under the new measures, the EU hopes to reduce the total amount of carbon permits by 2.2% annually, compared with the current rate of 1.74%.
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