| Early implementation of planned reforms to fix the EU carbon market is much more important than the details of those reforms, according to a report produced for the UK's Department of Energy and Climate Change (DECC). Rapid reforms are needed to tackle the "myopia of firms" who risk getting locked in to a high-carbon path, says the report published by DECC yesterday. Early reform is the single biggest factor in correcting the problems faced by the carbon market, it adds.
The EU emissions trading scheme (ETS) is central to EU efforts to tackle climate change. But it has been suffering from chronically low prices that are insufficient to drive needed low-carbon investments, potentially leaving firms facing higher costs later on if they are forced to retire high-carbon technology early...............................................Full Article: Source
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