Our new Cryptocurrency section has arrived! Click here

Less Ads, More Data, More Tools Register for FREE

EU member states give green light to CO2 emissions-trading deal

Mon, 24th Feb 2014 17:23

Brussels (Alliance News) - EU member states gave the final go-ahead Monday for reforms aimed at curbing carbon dioxide emissions, by influencing the cost for companies to buy the "right to pollute."

At present, the cost of permits allowing companies in the EU to produce a set volume of carbon dioxide is considered too low, reducing the incentive for them to invest in modern filter technologies or similar means of reducing their emissions.

Monday's agreement will allow the European Commission, the bloc's executive, to withhold the auctioning of 900 million emission permits from the market until the later part of the decade, with the aim of countering the price erosion of permits already being traded.

The move has already been approved by the European Parliament.

Industry representatives had opposed the initiative, fearing it would drive up their costs.

The measure is only a partial, one-off fix for the EU's emissions-trading scheme. The commission proposed structural changes to the way the system operates in January. These must now be examined by the bloc's 28 member states.

When the trading scheme was launched, the commission had expected a price of 30 euros for the right to emit one ton of carbon dioxide, but the economic crisis saw industrial production plummet and with it the cost of the permits.

Copyright dpa

More News

Knife-edge? UK's Johnson ahead but polls suggest majority might be tough

By William Schomberg and Michael HoldenLONDON, Dec 7 (Reuters) - Prime Minister Boris Johnson is heading into Britain's election next week with a lead in opinion polls, but some of the surveys also suggest that his chance of winning a parliamentar...

7 Dec 19 22:18

UK PM Johnson sees lead over Labour edge up - YouGov poll

LONDON, Dec 7 (Reuters) - Prime Minister Boris Johnson's Conservative Party has increased its lead slightly over the opposition Labour Party to 10 points, a YouGov poll for The Sunday Times showed ahead of Thursday's national election.Support for ...

7 Dec 19 21:33

Poll predicts UK Conservatives to win majority of 38 in election - S.Times

LONDON, Dec 7 (Reuters) - British Prime Minister Boris Johnson's Conservative Party is on course to win a parliamentary majority of 38 seats in Thursday's election, according to a new poll, the Sunday Times' political editor reported.A Datapraxis ...

7 Dec 19 21:28

UK's Conservatives 11 points ahead of Labour before election - Deltapoll

LONDON, Dec 7 (Reuters) - British Prime Minister Boris Johnson's Conservative Party has an 11-point lead over the opposition Labour Party although its advantage has been cut slightly, a Deltapoll survey for the Mail on Sunday newspaper showed.The...

7 Dec 19 21:11

Login to your account

Don't have an account? Click here to register.