EU to submit Emission Trading System reform

(AGI) Turin, June 12 - The European Commission is to submit itsEmission Trading System reform, which establishes a "stabilityreserve". This means it will withdraw from the market thissummer 900 million CO2 emission rights and stabilise theirprice, which is considered to be too low. EU EnergyCommissioner and vice-president of the European Commission,Maros Sefcovic, told AGI, at the World Chambers Congress inTurin: "The technical aspect of the system has been successful.We are consultants to China for their ETS system, but theinitial parameters were not accurate. Moreover, we had notforeseen such a severe

(AGI) Turin, June 12 - The European Commission is to submit itsEmission Trading System reform, which establishes a "stabilityreserve". This means it will withdraw from the market thissummer 900 million CO2 emission rights and stabilise theirprice, which is considered to be too low. EU EnergyCommissioner and vice-president of the European Commission,Maros Sefcovic, told AGI, at the World Chambers Congress inTurin: "The technical aspect of the system has been successful.We are consultants to China for their ETS system, but theinitial parameters were not accurate. Moreover, we had notforeseen such a severe crisis. It is now difficult to assessthe conditions of new member states. The time for reforms ishere. We have recently discussed new parameters with memberstates, and would like to launch them this summer. We will take900 million permits and freeze them so that they will not beused, and will set up a system that will focus on new goals". .