On 3 July, the European Parliament approved the CO2 backloading plan that it had previously rejected last April. The Parliament has agreed that 900 million CO2 allowances should be withheld from the EU’s cap-and-trade system for emissions (the emissions trading scheme), to boost carbon prices. News of the adopted measure led to an immediate rise in carbon prices and 10 million units were traded only minutes after the vote. Member States in the Council must now approve the draft Directive. The subject under discussion is considered to be of a delicate nature, some Member States having already expressed concern and disagreement vis-à-vis some initial draft proposals.

The press release from the European Parliament is accessible here: http://www.europarl.europa.eu/news/en/news-room/content/20130701IPR14761/html/Parliament-backs-planned-temporary-boost-to-CO2-permit-price.