Is Europe's ETS dead?

On the back of a failed backloading vote and collapse in the EU carbon price overnight, some have called the scheme as good as dead. But given the logical steps forward still accessible, they will be proven wrong.

The European carbon market will bounce back from the rejection by the European Parliament on Tuesday of a proposal to skim off surplus allowances which have smothered the market as a result of the financial crisis.

The market works by issuing factories and power plants a fixed quota of EU allowances (EUAs). A surplus of these has cut demand and seen carbon prices fall by more than 90 per cent compared with all-time highs.

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