EC unveils plan to reform carbon market

The European Commission has proposed six options to reform the EU carbon market, confirming plans outlined in a draft report covered by ENDS last month

The EU executive has proposed six options to reform the carbon market, confirming plans outlined in a draft report covered by ENDS last month.

More stringent carbon reduction targets for 2020, the permanent removal of some carbon allowances and extending the scope of the EU's emissions trading scheme (ETS) to new sectors are among the six options on the table.

The carbon market report, unveiled on Wednesday, follows a legislative proposal to temporarily set aside 900 million allowances, which is only a quick-fix solution to tackle the large surplus of allowances on the market. The options put forward on Wednesday aim to reform the ETS more fundamentally.

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