900 Million Certificates Backloaded:

There was a positive vote by the European Parliament on the carbon market 'backloading' proposal, today July 3rd. The European Parliament voted this Wednesday in favor of revamping its carbon-trading program, approving a proposal intended to restore financial incentives for shifting away from fossil fuels and towards renewable energy. Members of the parliament in Strasbourg voted in favor of delaying the auction of 900 million emissions permits, with the intention of reducing an oversupply. The proposal is hoped to lift the cost of emitting carbon dioxide in Europe, following a collapse in prices on the Emissions Trading System because of a sharp drop in demand for electricity during the economic downturn.

 

Read the full press release here.