European Union policy makers may reach a decision in the first half of next year on a proposal to strenthen the world’s biggest emissions market by curbing oversupply, according to a senior EU official.
The European Commission may propose next month a law to manage the supply of carbon permits as a way of combating a surplus that drove prices to a record low, said Jos Delbeke, head of the regulator’s climate department.
The European Union’s emissions trading system may have a surplus of 500 million metric tons in the current trading period from 2008 to 2012, said Jos Delbeke, director general for climate at the European Commission.
China and other emerging nations are engaged in “encouraging” efforts to curb greenhouse gases, while the U.S. is blocking prospects for a global agreement, according to a European Union climate official.
Investors in the European Union emissions trading system may be overconcentrating on the short- term perspective, said Jos Delbeke, director general for climate at the European Commission. He made the comments at a conference organized by Eurelectric in Brussels today:
European Union heads of state will seek to agree on general principles on 2030 climate and energy policies at their summit in October, according to Jos Delbeke, director general for climate at the European Commission.