European Parliament Tweaks its Emissions Trading Scheme
Acknowledging that a surplus of allowances in its Emissions Trading Scheme has defeated the scheme’s purpose of driving innovation and CO2 reductions, the European Parliament has decided to suspend the auction of some CO2 permits. A move to freeze auctions in April 2013 was defeated, but Members of the European Parliament have now reversed that position.
As China begins experimenting with carbon trading systems, the example —and success or failure — of the European market becomes even more critical.
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