Brussels, 19 February 2013. Along with European environmental NGOs Climate Action Network (CAN) Europe, Greenpeace and WWF, Carbon Market Watch welcomes the European Parliament Environment Committee’s support for the proposal to temporarily curb the oversupply of emission allowances in the EU emissions trading scheme (ETS). This ‘backloading’ proposal will go some way to mitigate the severe problems faced by the EU’s carbon market, which has so far failed to dissuade polluters due to the hopelessly low cost of allowances.
Carbon Market Watch Director Eva Filzmoser commented “although a first step in the right direction, the backloading proposal will do little to improve the effectiveness of the Emissions Trading Scheme without deep structural reforms. International credits are responsible for two thirds of the EU ETS over-supply. Both, qualitative and quantitative restrictions are needed to address the threat these credits are posing to the EU ETS. In addition, the oversupply of surplus allowances need to be permanently cancelled and stronger emission reduction targets for 2030 are needed.”
View the Climate Action Network (CAN) Europe, Greenpeace and WWF ‘S related joint statement here.
For more information on the views of Caron Market Watch please contact Eva Filzmoser at [email protected].