European Union wants to restructure its carbon market, with the idea of reducing pollutant emissions more quickly and putting a price on pollution from shipping, road transport and heating systems, according to a draft document consulted by Reuters on Wednesday.

The EU executive will propose next month the most comprehensive review of the Emissions Trading Scheme (ETS), which requires polluters to buy certificates to cover their CO2 emissions.

The current emissions trading system (ETS) is forcing power plants, factories and airlines flying to Europe to buy such expensive certificates, creating a financial incentive to pollute less.

Recently, the EU reached an agreement to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels, a new, more ambitious target that will require emissions to fall faster in all sectors, from to agriculture and to heavy industry, according to Agerpres.

According to the draft document consulted by Reuters, the supply of pollution certificates in the ETS system will suffer a decrease. Also, the number of certificates entering the EU carbon market each year will also decrease at a faster rate, starting from the year following the implementation of the reforms. The draft does not specify how quickly the ceiling will be reduced.

The proposal would strengthen the “Market Stability Reserve” (SRM), a mechanism designed to avoid the accumulation of excess certificates, which would affect carbon prices in the EU.

However, Reuters points out that the proposal could change before it is published. In addition, EU Member States and the European Parliament need to negotiate the final version of the reforms, a process that will take about two years.