EU reaches agreement on pivotal carbon market deal - Czech EU presidency

European Union negotiators reached agreement early on Sunday on overhauling the bloc's carbon market, the bloc's main policy tool for fighting global warming, the Czech EU presidency said.

"The agreement ... will allow us to meet climate objectives within the main sectors of the economy, while making sure the most vulnerable citizens and micro-enterprises are effectively supported in the climate transition," Czech environment minister Marian Jurecka said in a statement.

The provisional deal still needs to be formally adopted by the European Parliament and the European Council, grouping the bloc's member states.