EU lawmakers adopt deals on emissions trading, carbon tax

BRUSSELS (AP) — European Union lawmakers have adopted on Tuesday key pieces of a package designed to achieve the EU’s climate goals of cutting emissions of the gases that cause global warming by 55% over this decade. European Parliament members approved deals to reform the 27-nation bloc’s emissions trading system and to create a new hardship fund for vulnerable households and small businesses affected by higher fuel costs arising from the new measures. The emissions trading system covers about 40% of the EU’s greenhouse gas emissions. The reform stipulates that European industries and energy companies should cut emissions by 62% by 2030 compared to 2005 levels, compared to a target of 43% under the previous rules.