The Informer

Members of the European Parliament’s Environment Committee have backed plans to reform the European Union Emissions Trading System (EU ETS).

MEPs on the committee are proposing to reduce the number of carbon credits being auctioned each year by 2.4%.

They also want the market stability reserve (MSR) to absorb up to 24% of the excess of credits in each auctioning year for the first four years, when it comes into operation in 2019.

The proposal marks a doubling of the MSR’s currently-planned capacity.

‘Early Christmas gift’

Ian Duncan, Conservative MEP for Scotland and a member of the European Conservatives & Reformists (ECR) Group, presented the committee’s report as the “rapporteur”.

He said: “The Environment Committee delivered a welcome Christmas gift to all who care about climate change.

“We have endorsed an agreement that honours our Paris commitments, while also protecting our vital industries.”

> View the European Parliament's announcement