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MEPs save EU carbon market

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Wednesday, 20 February 2013

MEPs save EU carbon market

The European Parliament’s environment committee voted an amendment in support of the EU’s ‘backloading’ plans for the Emissions Trading System (ETS), throwing a lifeline to the crisis-hit carbon market. The vote opens the way for further moves to raise flat-lining carbon prices by backloading (or withholding) 900 million allowances from auction, so creating a market scarcity.
“The ETS is not dead,” WWF’s EU policy officer, Sam Van Den Plas, jubilantly told EurActiv from the European Parliament after the vote on Tuesday morning (19 January).
Next week, another environment committee vote is expected to begin the ‘trialogue’ discussions between the European parliament and EU member states on the issue. A plenary vote at the parliament is planned for April.
Within Europe, carbon price have sunk to around €4-€5 per tonne, due to an over-allocation of carbon allowances before recession decimated demand for them. Rejection of backloading by Parliament’s industry committee in January sparked a record fall in carbon prices to just €2.81 a tonne.
Source: Euractiv