Exclusive: EU draft plan targets free carbon credit cut for most industries

Exclusive: EU draft plan targets free carbon credit cut for most industriesMost industries covered by the European Union's carbon market would see free credits cut by the highest possible rate over the next five years under draft plans, potentially costing some of the biggest polluters millions of euros. The carbon market is the EU's main policy for cutting greenhouse gas emissions, by forcing power plants and factories to buy credits to cover their emissions. Although industry gets some free credits, to help avoid "carbon leakage", when companies relocate outside the EU to avoid carbon costs, the bloc has agreed to reduce them over the next decade to curb pollution and meet climate goals.