EU Takes First Step to Increase the Price of Carbon Emissions Allowances

Members of the European Parliament’s (MEP) industry committee this week voted for a proposal to withhold emissions trading scheme (ETS) carbon permits from industry in order to push up the market price of those permits for the next stage of the ETS from 2013-to-2020. It is the first step in a legal process. To be made law the European Commission firstly would have to undertake a formal proposal to withhold the permits. A second approval from the parliament would then be required as would approval from the EU Council of environment ministers. Details about...

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