SINCE THE EU launched its emissions trading system in 2005, industries have followed divergent greenhouse-gas trajectories. The power sector has cut them by half. Among cement- and steelmakers, which got free allowances for four-fifths of their exhausts to stop the shift of production abroad, they have barely budged.
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The European Commission wants to end this handout. Last month the EU’s executive arm proposed new rules to help the bloc meet its goal of cutting emissions by 55% from levels in 1990 by 2030. One proposal would withdraw free allowances for producers of aluminium, cement, fertiliser, iron
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