Europe's carbon market begins long road to recovery
A critical July 3 vote in the European Parliament has brought the world's largest carbon market back from the brink of collapse. But participants say structural reform remains necessary to secure its future – and this is a long way off. Mark Nicholls reports
July 3 was a day of high drama for the European Union Emissions Trading System (EU ETS). That day, the European Parliament voted for the second time on a measure many market observers consider vital to the future of Europe's flagship climate change policy and the world's largest carbon trading scheme.
The measure in question was back-loading – a plan drawn up by the European Commission (EC) last November, which entails giving the EC the legal right to postpone the auction of 900 million European
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