The European Parliament is likely to back a plan to bolster carbon prices, paving the way for the first element of the measure to become law by June, said the lawmaker steering the proposal through the bloc’s legislature.
Europe will struggle to convince the rest of the world that carbon trading is the best way to tackle climate change if a plan to revive the price of the region’s permits fails, said the Centre for European Policy Studies.
United Nations envoys will probably restrict trading of surplus Kyoto Protocol allowances by countries and crimp an oversupply in carbon markets faster than expected, said Andrei Marcu, head of the Centre for European Policy Studies’ Carbon Market Forum.
The proposed linking of the European Union and Australian greenhouse-gas-reduction programs will demonstrate to policy makers across the world that carbon markets can help address climate change, said Andrei Marcu.
Russia and the European Union are among parties that haven’t agreed on a developing-nation plan to limit trading of a 13 billion-metric-ton surplus of Assigned Amount Units under the Kyoto Protocol, according to CDM Watch.
A suggestion by a high-level panel that the United Nations Green Climate Fund buy certain emission credits from the Clean Development Mechanism could help alleviate a supply glut, according to a research group.
President Barack Obama’s call for Congress to act on climate change may embolden European Union policy makers to fix the bloc’s ailing carbon market, said the president of the International Emissions Trading Association.
Ukraine may join Russia in shunning the extended Kyoto Protocol after United Nations envoys approved a text the two nations didn’t agree with, according to the Centre for European Policy Studies in Brussels.