In February members of the European Parliament voted to start the reform of the EU’s carbon market by 2019, and put almost 1.4 billion pollution permits that were due to come back to the market by 2020 directly into the new market stability reserve (MSR). Unfortunately the reform does not provide a structural solution for the lacking environmental effectiveness of the EU ETS, as around 800 million surplus allowances are allowed to flow back to the market again before 2030, diluting the EU’s 2030 target by 3%.
Brussels 24 February. Today the European Parliament’s environment committee took the first steps to reform the EU’s Emissions Trading System. Following intense pressure from forward looking investors and civil society, policymakers agreed to curb the total amount of pollution permits in the system that would otherwise flood the market by 2020. This is expected to result in a stronger carbon price signal in order to let the polluter pay and support climate friendly investments in Europe. Policymakers unfortunately failed to agree to a timely start of the new Market Stability Reserve which will only become operational by 2019.
On Tuesday 24 February, Members of the European Parliament will cast a crucial vote on the future of Europe’s flagship climate instrument, the EU’s Emissions Trading System (EU ETS). Failure to reform Europe’s carbon market could sink the emerging network of global carbon trading systems and have profound consequences for the success of the international climate summit in Paris at the end of this year.
Find MEPs by country: Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland Greece Spain France Croatia Italy Cyprus Latvia Lithuania Luxembourg Hungary Malta Netherlands Austria Poland Portugal Romania Slovenia Slovakia Finland Sweden United Kingdom Belgium Ivo BELET Group of the European People’s Party (Christian Democrats) Belgium Christen-Democratisch & Vlaams Mark DEMESMAEKEREuropean Conservatives and Reformists Group Belgium …
Read more “Members of the European Parliament’s ENVI Committee (Climate Issues)”
Tuesday 22 July 2014 from 15:00 to 17:00 European Parliament – Room JAN 6Q1 AN EVENT KINDLY HOSTED BY: Peter LIESE, EPP Matthias GROOTE, S&D Gerben-Jan GERBRANDY, ALDE Bas EICKHOUT, Greens/EFA The EU Emissions Trading System (EU ETS) is the largest carbon market in the world covering more than 11,000 power stations and industrial plants …
Read more “The EU Emissions Trading System: All You Need To Know About The World’s Largest Carbon Market”
EU leaders brokered a deal on the 2030 climate and energy headline targets.
The current EU Effort Sharing Decision1 (ESD) ensures that the EU’s greenhouse gas (GHG) target for 2020 is legally binding for Member States and economy wide in scope. It covers almost 60% of Europe’s GHG emissions. Those sectors must deliver significant emissions reductions in the period from 2020 to 2030 if the EU is to develop on a competitive low carbon pathway. A legal framework for non-ETS emissions is therefore essential for the 2030 Climate package. In addition, effective policies in the ESD sectors can yield many other benefits such as job creation and improved public health. We urge the Parliament to utilize its upcoming report on the 2030 package to engage in a constructive debate and help secure the future and reform of the ESD.
