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Connie Hedegaard's attempts to introduce longer-term reforms will face fierce opposition from a powerful business lobby
Europe's climate chief vowed on Wednesday to fight on to save the EU's flagship environmental policy, the emissions trading system (ETS), after a serious blow on Tuesday when MEPs rejected reforms aimed at repairing the ailing system.
MEPs voted 334 against to 315 in favour of "backloading" the market – a proposal aimed to reverse the plummeting price of carbon that has resulted from a surplus of permits in the ETS market – leading the price of carbon to fall by almost half to under €3 on Tuesday.
Connie Hedegaard, EU commissioner for climate action, said: "We are preparing structural [longer-term reforms]. We will have new meetings for stakeholders, in parallel with an impact assessment. We are preparing an initiative." The proposals include measures to restrict rights to carbon permits under the system, and to allow for reviews of the number of permits companies receive for free.
Phil Hogan, the Irish environment minister who holds responsibility for the portfolio under the Irish presidency, said: "We are not prepared to allow this issue to die. We have a working party, and we will see what we have to do to put [this issue] up to people in a democratic process."
These attempts will face fierce opposition, however, from a powerful business lobby that has opposed the penalties on carbon dioxide emissions that Europe has sought to impose, in order to tackle climate change.
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"Carbon neutral means that – through a transparent process of calculating missions, reducing those emissions and offsetting residual emissions – net carbon emissions equal zero"
DECC definition of carbon neutrality
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