The Secretary-General welcomes that the European Parliament has supported the European Commission's proposal to backload permits from the European Union's carbon market.
The vote sends a clear signal that the European Union remains committed to carbon pricing. The Secretary-General hopes that more structural reforms will now follow in order to strengthen the European Union's carbon market as a driver for innovation and energy efficient solutions.
The European Union's carbon market is inspiring the development of carbon markets in several parts of the world such as China, Australia, South Korea and California. Europe must continue its fight against climate change. An effective and well-functioning carbon market is a key tool to reduce greenhouse gas emissions cost-effectively.