EU proposal to resuscitate carbon market

The European Commission has today put forward six options for structural reforms that would permanently inflate the EU carbon price and flow directly through to lift Australia's carbon price too.

With major implications for the level of Australia’s carbon price and UN carbon credits (CERs), the European Commission overnight put forward six options for permanently reflating the European carbon price and addressing the huge glut of carbon allowances. These go beyond delaying the sale of 900 million allowances - which was announced a few days ago - to include the following alternatives:

1- Increasing the EU’s carbon reduction target for 2020 from 20 to 30 per cent below 1990 levels;

2- Retiring a certain number of phase three allowances permanently;

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