Oct. 15 (Bloomberg) -- The European Union aims to approve in the middle of next month a report on the functioning of the bloc’s carbon market and potential long-term options to strengthen it.
“November 14 can be confirmed as the expected adoption date of the report,” Isaac Valero-Ladron, climate spokesman for the European Commission, said by e-mail today.
The report, which will be sent to national governments and other EU institutions, is a key element in the commission’s strategy to improve the region’s emissions trading system after prices plunged to a record low in April. Member states are waiting for the document before taking positions on a draft EU proposal to curb oversupply in the market by delaying some auctions of carbon permits as of 2013.
EU carbon permits for December fell 1.4 percent to 7.74 euros ($10.04) a metric ton on the ICE Futures Europe exchange as of 12:15 p.m. in London. The contract extended its loss to 52 percent in the past three years as a crisis curbed industrial output, reducing demand for pollution rights.
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