The European Parliament has approved measures to temporarily withhold the auction of 900 million CO2 allowances in an effort to drive up the price of carbon.
A glut of allowances have sunk the price of CO2 to record lows this year. The carbon price peaked at nearly Eu30 per tonne in June 2008 but has since fallen to less than Eu5 since the beginning of 2013. MEPs yesterday voted in favour of “backloading” proposals at a plenary vote in Strasbourg, approving…
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