European Union member states and parliamentarians have announced an agreement to reform the bloc’s carbon market, the central component of its efforts to reduce emissions and invest in climate-friendly technologies. The deal aims to accelerate emissions cuts, phase out free allowances to industries and target fuel emissions from the building and road transport sectors. The EU Emissions Trading System (ETS) allows electricity producers and industries with high energy demands, such as steel and cement, to purchase “free allowances” to cover their carbon emissions under a “polluter pays” principl…