EU carbon market reforms gain support

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EU: More governments have revealed their voting intentions for a plan to prop up the European carbon market. Greece has said it will oppose the plans while Bulgaria has said it is in favour. The proposal would withhold 900m carbon allowances from the trading scheme to create more demand.

Bulgaria was a potential ally for Poland, which is leading calls to reject changes to the system, making its support all the more significant.

There are now 201 votes in favour of the proposal out of the 345 allotted to the 27 members according to their size. A total of 255 are needed to pass the reform. (Reuters Point Carbon)

The EU wants to hold back 900m carbon credits from big emitters covered by its cap and trade system to drive the price up (Source: Flickr/foto43)

USA: A second US carbon tax proposal has emerged in the US. A group of Democrats including Henry Waxman, who co-sponsored the failed Waxman-Markey cap and trade bill in 2009, have suggested a price per tonne of CO2 of $15-35. (RTCC)

EU: The European Parliament is expected to vote for an 80% energy efficiency target for building stock as part of the 2050 Energy Roadmap. (EurActiv)

USA: The Washington State senate in Seattle has approved a new climate change bill after it agreed to remove sections discussing the problems associated with climate change. A supporter of the legislation said it was important to “take the religion out of carbon”. (Seattle Times)

China: Xi Jinping was officially elected as President of China on Thursday morning. He has already stated that environmental protection will feature high on his agenda. PwC’s Alan Zhang told RTCC that his election was unlikely to shift the country’s climate change policy from its current path. (Xinhua)

USA: Insurance, high prices and genetically modified crops have helped farmers in the USA to cope with last year’s severe drought, the worst in 50 years. (PhysOrg)


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