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EU proposes giving businesses more time to cut emissions in major climate policy shift
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Now, however, the European Commission is proposing to slow that process down.
Companies that commit to investing in decarbonisation in Europe, for example, would get 80% of their free permits upfront, with the remaining 20% released once those investments are actually made.
EU climate commissioner Wopke Hoekstra described it as "a more business-friendly and, may I say so, savvy approach".
Critics have warned that weakening the emissions trading system has risked slowing industrial decarbonisation as Europe continues to experience record-breaking heat.
Poland's climate minister Paulina Hennig-Kloska welcomed the shift but said her country would push to weaken the rules further.