Brussels, 14/07/2015 (Agence Europe) - The Climate Action Network Europe (CAN Europe) has welcomed the European Parliament vote of 8 July which has paved the way to adoption of the directive that seeks to create a carbon market stability reserve. However, it expects much more from the long-term reform of the European emissions trading scheme (ETS) that the Commission is due to propose on Wednesday 15 July (see EUROPE 11354 and 11349).
Removing “hand-outs” to industry. “The vote is a welcome step. But to turn the ETS from a paper tiger into a tool that helps Europe cut its addiction to fossil fuel it needs substantial reforms. These include the permanent removal of billions of excess pollution permits. It is also crucial that industry hand-outs stop and that the money is instead invested in climate protection in Europe and in poorer nations”, stated Anja Kollmuss, EU ETS policy coordinator at CAN Europe.
CAN Europe believes that creation of a market stability reserve, operational from 1 January 2019, is a positive step towards improving how the system works but says the ETS is in need of much more substantial revision for it to become an effective climate policy instrument. (Aminata Niang)