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European lawmakers fail to back carbon market reforms

2015-01-23 15:02:00| Climate Ark Climate Change & Global Warming Newsfeed

Blue and Green: The European Union Emissions Trading Scheme (EU-ETS), the largest in the world, saw the price of carbon fall after a European Parliament committee failed to back a reform package. The EU-ETS covers more than 11,000 factories and companies. It operates on a cap-and-trade system, where the total amount of greenhouse gas emissions that can be emitted by the businesses involved is set and allowances can then be traded. However, critics argue that there is a surplus in allowances, meaning that carbon...

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