| Proposed reforms to the EU carbon market do not go far enough and need to be supplemented by a phase-out of fossil fuel subsidies, a group of major companies said in an open letter to European Union environment ministers meeting on Monday.
The European Commission in July outlined its plans to bolster the Emissions Trading System (ETS), on which permits to pollute trade at around 8.5 euros per ton, seen as too little to drive a shift to lower carbon energy. Environment ministers of the 28 EU states debated the proposals on Monday in Luxembourg, in one of the early steps towards turning the plans into law..............................................Full Article: Source
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