The European Commission is proposing to postpone the February 28 deadline for countries to hand out free permits under the EU Emissions Trading System (ETS) to June 30, 2023, and the deadline to surrender allowances from 30 April to 30 September. This will give companies more time to adhere to the mandated requirements at the end of the year. The Washington cap-and-invest program is also set to start on the same date. The reserve for this program is frontloaded with 5% of allowances from the caps between 2023 and 2030. The EU is further delaying the annual deadline for adjusted issuance of free EU carbon allowances by four months to accommodate the extra administrative work. The total amount of allowances should also be reduced in 2024 and 2026 to better reflect actual emissions.
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