The Paris climate change agreement paves the way for next generation carbon trading. It is nevertheless essential that any new market based climate tool fosters higher ambition, ensures environmental integrity, contributes to sustainable development and upholds human rights.
According to a European Environment’s Agency (EEA) report published this week the oversupply of carbon permits in the EU Emissions Trading System (EU ETS) remains ‘substantial’. At a time when lawmakers are discussing how to get Europe’s flagship climate policy back on track, this report comes as an urgent warning to those trying to save the EU’s failing carbon market.
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