In Brief: EU parliament approves new ETS and CBAM rules; G7 sets renewables targets

The latest round-up of ESG policy and regulatory news.

The European parliament has adopted amendments to expand the bloc’s emissions trading scheme to also include the shipping, building and road transport industries, while imposing stricter measures on the aviation sector. Under the new rules, a separate ETS will be created to set a carbon price for the fuel used for buildings and road transport from 2027. They also feature the gradual phase-out of free allowances, existing sectors covered by the ETS are required to cut emissions by 62 per cent by 2030 compared with 2005 levels.