MEP Cyrus Engerer’s law on the Market Stability Reserve of the European Emissions Trading System was officially signed in Strasbourg on Wednesday during an ad hoc signing ceremony organised by the Cabinet of President of the European Parliament Roberta Metsola.
The signing ceremony was also attended by the Swedish Minister for Foreign Affairs Jessika Roswall, representing the Swedish Presidency of the Council of the European Union as co-legislator with the European Parliament.
“Following the negotiations firstly within the European Parliament with all political groups and later with the Council of the European Union’s Presidency to reach an agreement, it is rewarding to see this legislation coming to life”, Engerer said. He added that, “Through this legislation we have sought to bring about the necessary changes which will strengthen the European emissions trading system. This is necessary for the EU to meet its climate goals by 2030 and to become energy-sovereign, through the reduction of its dependence on Russia’s fossil fuels.”
The official signatures come after a month from the vote which took place during the March plenary session whereby the law written by MEP Engerer received overwhelming support in the European Parliament. In fact the Report was voted by a majority of 81% of MEPs.
As Rapporteur, MEP Engerer was entrusted to lead negotiations on this law which is part of the EU’s Fit for 55 package of measures seeking to address the climate emergency.
Engerer’s priorities in this area focused on the protection of the most vulnerable sectors of our societies whilst still seeking to be as ambitious as possible in our green targets.
During his presentation of this legislation in last month’s plenary session he mentioned the challenges being faced by European citizens in the face of increased cost of living and energy prices following the COVID-19 pandemic and the war in Ukraine. He said that addressing these realities should work hand in hand with achieving our green targets.
The law negotiated by MEP Engerer will now enter into force in the coming weeks ensuring that the current emissions trading system continues to meet the demands of the increased ambition in the EU’s climate goals.
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