Bloomberg News

EU Nations Pledge to Keep Working on Carbon Fix After Rejection

April 16, 2013

European Union governments pledged to keep working on a fix of Europe’s carbon market after the EU Parliament rejected the emergency step aimed at bolstering emission prices.

Ireland, current holder of the 27-nation EU’s rotating presidency, said it would seek with fellow governments in the bloc to advance a proposed change to European emissions-trading law that would allow the supply of carbon permits to be curbed temporarily.

In an e-mailed statement, the Irish government said the European Parliament’s rejection of the proposed fix today in Strasbourg, France, was “disappointing.” Ireland also stressed that EU governments have an equal say over the matter and said they would discuss it “in the coming days.”

The EU Parliament voted against a plan to delay the issuing of some new allowances in the 2013-2020 phase of Europe’s emissions-trading system, which limits carbon dioxide from about 12,000 power plants and factories to fight climate change.

The draft measure opposed by the EU assembly is meant to help bolster the price of European emission permits after they fell to a record low in January. The proposal is known as backloading.

To contact the reporter on this story: Jonathan Stearns in Strasbourg, France at jstearns2@bloomberg.net

To contact the editor responsible for this story: Jonathan Stearns at jstearns2@bloomberg.net


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