The European Parliament voted Wednesday in favor of revamping its carbon-trading program, approving a proposal intended to restore financial incentives for shifting away from fossil fuels and towards renewable energy.
The European Parliament voted Wednesday in favor of revamping its
carbon-trading program, approving a proposal intended to restore financial
incentives for shifting away from fossil fuels and towards renewable energy.
Members of the parliament in
Strasbourg
voted
in favor of delaying the auction of 900 million emissions permits, with the
intention of reducing an oversupply.
The proposal is hoped to lift the cost of emitting carbon dioxide in
Europe
,
following a collapse in prices on the Emissions Trading System because of a
sharp drop in demand for electricity during the economic downturn.
The parliament rejected similar proposals in April, causing the price of
emitting one ton of carbon dioxide to fall to below EUR3 ($4), compared with
nearly EUR30 in 2008. Most experts say EUR3 a ton is too low a price to provide
a good incentive for companies to invest in clean energy.
The original proposal rejected in April was for the auction of 900 million
allowances, out of a total surplus of around 1.7 billion, to be delayed to
between 2019 and 2020. The compromise version approved Wednesday allows those
permits to be reintroduced within a year of being removed.
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