Brussels, 19/02/2013 (Agence Europe) - On Tuesday 19 February, the members of the environment committee of the European Parliament were in favour, albeit as an exceptional measure, of a temporary freeze of 900 surplus quotas on the European carbon market. They endorsed the proposal for short term reform of the emissions trading system (ETS) submitted by the European Commission in July last year as a matter of urgency to remedy the plummeting prices for a tonne of carbon, pending endorsement of long term structural measures (see EUROPE 10772). MEPs, however, said in an amendment that such an adjustment of the timetable for Commission emissions trading can only take place in exceptional circumstances on condition that an impact study is carried out to prove that the sectors concerned will not be exposed to a significant risk of carbon leakage (relocation of companies to third countries) and that this kind of adjustment be unique.
Matthias Groote (S&D, Germany), who chairs the committee, was pleased to state that a higher price will contribute to stimulating Europe's transition to a low carbon economy. Deferring the trading of emissions is only a temporary measure but it is a positive step.
Scrutiny of the amendments to that proposal aimed at amending the ETS directive (2003/87/EC) had, on 24 January, divided the committee members, which are leading the way in tackling this dossier (see EUROPE 10771). (AN/transl.jl)