EU reaches deal on major carbon market reform

The deal aims to accelerate emissions cuts, phase out free allowances to industries and targets fuel emissions from the building and road transport sectors.

EU member states and parliamentarians on Sunday announced agreement for major reform to the bloc's carbon market, as part of its ambition to reduce emissions and invest in climate-friendly technologies.

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium. (Reuters)

The deal aims to accelerate emissions cuts, phase out free allowances to industries and targets fuel emissions from the building and road transport sectors, according to a European Parliament statement.