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Emissions trading reforms raise price of pollution permits

Posted on 04 July 2013

Policymakers say a higher price is essential to encourage more greenhouse gas reductions across Europe’s industry. Critical reforms to Europe’s flagship scheme for cutting carbon emissions were passed for the first time on Wednesday in the European parliament. The move immediately caused the price of pollution permits, currently near rock bottom, to rise. Policymakers believe a higher price is essential to encourage more greenhouse gas reductions.
The EU emissions trading scheme, the largest in the world and now being replicated in China, is intended to tackle climate change by reducing CO2 emissions across Europe’s industry. But a huge oversupply of permits, owing to the economic crisis causing production to drop, and because of lobbying by industry, caused the price paid to emit a tonne of carbon to crash in recent years………………………………………..Full Article: Source


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