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By Kate Abnett

BRUSSELS (Reuters) – The world’s biggest carbon trading market faces a major overhaul under European Union climate change plans to cut greenhouse gas emissions faster this decade, a draft seen by Reuters shows.

Under the EU emissions trading system (ETS) factories and power plants have to buy pollution permits to cover the greenhouse gases they emit, while airlines must do so for flights within Europe.

The draft document, which confirms that the European Commission will next week propose that the EU sets a target to cut emissions from 1990 levels by “at least 55%” by 2030, lays out options it is considering to deliver the new goal.

The Commission said it did not comment on leaked documents.

The existing target of

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