|Title||EU members call for carbon floor price|
|Date||2018-12-20 PM 5:53:37||Hit||59|
The EU’s emissions trading scheme should be backed up by other measures such as carbon floor prices, or trading of allowances in sectors not covered by the bloc’s cap-and-trade scheme, a group of eight member states said on Friday.
The statement from France, UK, Italy, Netherlands, Sweden, Denmark, Finland and Ireland was made at the COP24 climate conference in Katowice, Poland.
The conference, which is likely to need days of extra negotiating time, is struggling to make progress in establishing rules for countries to make emissions cuts and scale these up in line with temperature targets in the 2015 Paris Agreement.
The signatories said that although they acknowledged that the EU ETS plays a vital role in cutting emissions, and that the recent reform of the EU ETS was a major step in correcting some of the scheme’s flaws, almost half of the bloc’s emissions are not covered by an explicit carbon price.
“In some cases, the price of carbon may be too low or too volatile to engage effectively decarbonisation,” the report said.
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