BRUSSELS/LONDON (Reuters) – European Union carbon prices collapsed 40 percent to a fresh record low on Thursday after politicians opposed plans to prop up the market, raising concerns prices could soon slump to zero, likely signaling the death of the market.
Prices in the European Union’s Emissions Trading Scheme (ETS) collapsed to 2.81 euros a metric ton (1.1023 tons) after a vote in the European Parliament’s energy and industry committee opposing a scheme known as “backloading” to support prices by extracting allowances from the market and reinjecting them later.
BRUSSELS, Jan 22 (Reuters) – The European Union’s Emissions
Trading Scheme will collapse and give way to “a patchwork” of
national plans unless the bloc can agree to an emergency rescue
plan, the EU climate chief said late on Tuesday.
The value of allowances on the EU ETS dived to an all-time
low below 5 euros ($6.64) a tonne on Monday before
recovering slightly on Tuesday.
BRUSSELS (Reuters) – Airlines could have already made up to 1.36 billion euros in windfall profits from an EU law that forces them to pay for carbon emissions, a study by a Dutch consultancy said on Tuesday.
International fury at the law led the European Commission in November to freeze it for a year for intercontinental traffic to give a U.N. aviation body another chance to agree on an alternative global plan to curb airline emissions.
BRUSSELS, Jan 22 (Reuters) – Airlines could have already
made up to 1.36 billion euros ($1.9 billion) in windfall profits
from an EU law that forces them to pay for carbon emissions, a
study by a Dutch consultancy said on Tuesday.
International fury at the law led the European Commission in
November to freeze it for a year for intercontinental traffic to
give a U.N. aviation body another chance to agree on an
alternative global plan to curb airline emissions.
BRUSSELS (Reuters) – European Union politicians are sharply divided between those keen for ambitious green car standards they say are needed to keep up with U.S. goals and those trying to limit the impact on makers of big luxury cars, draft reports show.
The European Parliament next week debates Commission plans to enforce lower emissions standards for cars and vans as part of efforts to thrash out new EU law.
BRUSSELS, Jan 15 (Reuters) – The European Commission will
seek to prosecute nations that flout a new EU law requiring use
of an environmentally friendly coolant in vehicle
air-conditioning, which Daimler AG says is dangerous.
From the start of January, EU law has demanded the phase-in
of a refrigerant with a relatively low level of greenhouse
gases, instead of a previous industry standard that has
planet-warming power more than one thousand times that of carbon
BRUSSELS, Jan 11 (Reuters) – EU officials are to debate a
new set of tax proposals to promote clean fuel and erode fiscal
advantages that have made diesel relatively cheap, a document
seen by Reuters showed.
The Commission has long been seeking to change energy
taxation, but some member states have repeatedly thwarted
progress and are likely to continue to do so.
LONDON/BRUSSELS, Jan 11 (Reuters) – The future of the
European Union’s emissions trading scheme, meant to be a
cornerstone of the bloc’s climate policy, is in the balance this
year as traders look to Germany to back a plan to boost low
Launched in 2005, the EU Emissions Trading Scheme (ETS) has
been beset by problems ranging from overestimating the number of
permits required by Europe’s industry, to fraud, to a glut of
permits generated by low demand during recession.
BRUSSELS, Jan 8 (Reuters) – The European Union must cut
emissions from diesel vehicles as part of its efforts to reduce
air pollution, which is causing close to half a million
premature deaths per year, EU officials said on Tuesday.
The European Commission says it will publish legislative
proposals to improve air quality in the second half of this
BRUSSELS, Jan 8 (Reuters) – Ireland, holder of the EU
presidency for the next six months, is working with opponents of
a proposal to boost the European Union’s carbon market in hopes
of brokering a compromise, Environment Minister Phil Hogan said
“It’s the intention to get it through,” Hogan told Reuters
on the sidelines of a Brussels conference, when asked if a deal
was possible before the end of the Irish EU presidency in June.