The European Parliament’s Industry Committee (ITRE), which focuses on energy issues, voted today on reforms to the EU Emissions Trading System.
Whilst these compromise amendments did include a provision to cancel a small part of surplus allowances expected to be in the Market Stability Reserve (MSR), meaning that the Committee has gone further than it has in the past, they do not tackle the fundamental problem of a huge and growing surplus in the system. Overall the amendments agreed do not go nearly far enough to reinstate the EU ETS as a cornerstone of ambitious EU climate policy action.
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