EU fails to agree strategy for surplus carbon credits

Environment ministers meeting in Luxembourg on Wednesday failed to agree on what Europe should do to help prevent huge quantities of surplus carbon credits generated under the Kyoto protocol from flooding carbon markets after 2012.

The ministers finalised all aspects of the EU's position on the global climate negotiations apart from financing, which finance ministers failed to resolve on Tuesday. It will be up to European leaders to sort out the financing aspect of the EU's position when they meet at the end of October.

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