| The European Parliament has endorsed plans to reform the Emissions Trading Scheme (ETS), it was announced yesterday (8 July). The Parliament voted 495 to 198 in favour of measures intended to reduce the surplus of carbon credits available to ensure the correct price of carbon - bringing the move forward to 2019, two years earlier than originally planned.
MEPs argued a glut of around two billion excess carbon allowances had accrued, undermining the EU’s emissions trading system. The planned reform will introduce a Market Stability Reserve (MSR) to reduce the surplus credits and increase the price of carbon. The law will take a portion of ETS allowances out of the market and place them in a reserve...............................................Full Article: Source
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