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 Union’s attempt to cap greenhouse-gas emissions over the next 16 years is threatened again as rising pollution from the bloc’s biggest economies shows even developed nations want to burn cheap coal.
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.
The European Union gives away more free carbon allowances than necessary in response to lobbying by industries seeking to shield themselves from stringent climate- protection policies, according to Vivid Economics.
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.