The European Union plans to provide more flexibility for industry in carbon market reforms.

```htmlGolden Ten Data reported on July 8 that the European Union plans to give its struggling industrial sectors greater flexibility in the upcoming reform of its carbon emissions trading system, while ensuring that companies increase investment in clean technologies. According to EU officials, this reform of the EU emissions trading system will seek to strike a balance between helping heavy industry transition to clean energy and encouraging companies that decarbonize at a faster pace to continue their transformation. The European Commission is expected to announce the reform plan on July 17. Officials stated that in order to alleviate concerns over the declining competitiveness of energy-intensive industries in Europe, the European Commission hopes to launch as early as next year a carbon market fund based on an allocation of 400 million quotas. This plan, called the "Emissions Trading System Investment Promotion Fund," will last for three years and quotas will be distributed to eligible companies on a first-come, first-served basis.```