EU votes: Fix Carbon Market in 2019

EU lawmakers have voted to start fixing the EU Emissions Trading Scheme (ETS) in 2019, two years ahead of schedule.

The changes, which have been welcomed by the renewable industry, mean billions of carbon allowance will be held back.

The EU-ETS covers over 11,000 factories, power stations and other installations. It operates on a cap-and-trade system, where the total amount of emissions that can be emitted is set and then allowances can be traded.

The system aims to cut emissions by reducing the cap over time. It is expected that in 2020 emissions from sectors covered by the ETS will be 21% lower than in 2005.

Read the whole story, Wednesday, May 6th, 2015 By Charlotte Malone, here