The European Parliament has adopted a proposal to reform the EU ETS Directive for the post 2020 period with a majority of 379 votes against 263 rejections and 57 abstentions. The reform proposes an Innovation Fund which will finance clean energy and low carbon projects by auctioning ETS allowances.
Commenting on the vote in the European Parliament on the Emission Trading System, Kasparas Kemeklis, Policy Officer at Ocean Energy Europe said:
“Today’s vote is a step in the right direction for funding the energy transition. The Parliament proposes to increase allocations to an Innovation Fund from 400 to 600 million allowances. This will allow renewable energy demonstration projects, like ocean energy farms, to get the extra financing needed to get into the water. We now urge national governments to accept this proposal that will help fund their renewable energy ambitions.”
The draft measures were approved by 379 votes to 263, with 57 abstentions. MEPs will now enter into negotiations with the Maltese Presidency of the Council in order to reach an agreement on the final shape of the legislation, which will then come back to Parliament.