| European politicians are expected this week to back by a narrow majority early action to bolster prices on the EU carbon market and sharpen a weapon against climate change that recession has blunted. Thursday's vote, one of several legislative stages, will be closely watched by traders.
The Emissions Trading System (ETS) is designed to make polluters pay for their emissions but a surplus of more than 2 billion carbon allowances generated by economic crisis has crushed the market. That means industry can still burn highly polluting fuel, such as coal, at little cost as permits are worth only around 7 euros per tonne...............................................Full Article: Source
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