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Tuesday, 09 October 2012

Change of timing for auctions of emissions allowances

The European Commission, respecting its pledge to the Council of last April, presented a package of three documents aimed at strengthening the carbon market and raising the price of carbon on 25 July 2012. The first document is a Commission draft regulation modifying the 2013-2020 calendar for auctions of emission allowances under the EU’s Emission Trading Scheme (ETS). The second document is a draft decision of the Council and European Parliament spelling out the Commission’s powers to adopt this type of amendment to the regulation on auctions of emission allowances. The third is a working document that analyses the functioning of the ETS and proposes three options for its long-term improvement.
Climate Action Commissioner Connie Hedegaard stated that the EU ETS had built up a growing surplus of allowances over the last few years, marking the necessity to change the timing of allowances – a short-term measure that would improve the functioning of the market.
By changing the timing of auctions, the Commission hopes to shrink the surplus, stabilise the market and push up the price of CO 2 per tonne. Later this year the Commission will present a first report on the functioning of the European carbon market, which will offer the opportunity for a thorough debate on the necessary structural measures to address the challenges in the EU ETS.

Source: European Commission