BRUSSELS, Dec. 11 (UPI) -- A deal that would provide more free pollution permits for industry in the European Union emerged Thursday.
A draft proposal would prevent industrial sectors from having to buy more than 70 percent of their carbon emissions allowances at auction in 2020, The Financial Times reported.
The European Commission first proposed forcing industry to buy all of the carbon emissions allowances as the bloc aims to curb emissions of climate altering gases.
Germany led the effort to grant more free allowances to steel, chemical, cement and other manufacturing sectors.
"I have good hopes we can reach a deal on the climate package," said German Chancellor Angela Merkel as she arrived in Brussels for the talks.
The draft preserved a proposal for a so-called solidarity fund of 10 percent of the auction revenues. The money would be directed to poorer member states to help them invest in cleaner technologies, the newspaper reported.
