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Tuesday, 11 December 2012

EU dismisses Polish warnings over carbon market fix

The European Commission denies Polish data contending that plans to ‘backload’ 900 million carbon allowances from auction on the Emissions Trading System (ETS) will diminish the revenues of new EU member states.
According to this analysis Poland stands to lose over a billion euros and 16% of its allowance revenues, under the proposed backload plan, put forward by Brussels last month to shore up Europe's battered carbon market.
Hungary would forego €189 million and almost a quarter of its revenues, while the Czech Republic would lose €375 million and 13.6% of its revenues, according to the analysis by Poland, which opposes the EU plan.
Warsaw says that the numbers are an aggregate of figures from Annex 6 of the impact assessment accompanying the European Commission's carbon market reform proposal.
However, the Commission insists that backloading will produce positive effects for Member States budgets. Overall, the Commission estimates that between 2013 and 2015 member states auctioning revenues would increase by 59% with backloading.
A Commission ‘Fiscal impacts of backloading’ analysis, seen by EurActiv and sent to all 27 EU states last week, projects an increase in the carbon price from €10 in 2013 to €12 in 2015 as a result of backloading – compared to a steady €5 price without the measure. The higher the carbon price goes, the higher the incentive for industries to invest in less polluting technologies, which was Europe's ultimate objective when it launched its carbon market to meet its obligations under the Kyoto Protocol on climate change.

Source: Euractiv