A Sandbag Climate Campaign report, which was launched by UK Energy and Climate Change Minister Chris Huhne, says urgent action is required to staunch the flow of credits that is depressing prices.
Sandbag calculates that by the end of the third phase of the EU ETS in 2020, Europe will miss its climate targets by the equivalent of a year’s worth of emissions because of an accumulated oversupply carried by industry, and the fact that the Phase 3 cap on emissions was based on overallocation in earlier phases.
