Although European Union Allowance (EUA) futures fell 3.4% on 22nd June 2022, alongside a bloodbath in most cyclical assets, there were reasons for the market to celebrate as the European Parliament finally agreed on a set of reforms that is instrumental for delivering on its climate promises. Key reforms to the European Emissions Trading System were voted down earlier this month as Green, and Socialist lawmakers rejected the proposal because of conservative groups' amendments they said weakened it too much, while right-wing groups considered it too ambitious.
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