EU Carbon Permits Stable as Nations Prepare to Discuss Glut Fix

European Union carbon permits were little changed, giving up earlier losses as nations prepare to resume talks in two days on a stop-gap plan to tackle a glut, according to an EU document.

EU permits for December rose 1 cent to close at 6.85 euros ($8.86) a metric ton on the ICE Futures Europe exchange in London. They earlier fell 2.6 percent to the lowest since Nov. 22. Factories and power stations in the EU program can use a limited portion of United Nations offset credits as a cheaper form of compliance. Certified Emission Reduction credits for December rose 2 cents to 76 cents a ton.

Representatives of national governments in Brussels will examine on Nov. 29 a draft change to the EU emissions trading law that would enable delaying some auctions of carbon permits, according to the draft EU document obtained by Bloomberg News. They will also discuss six potential long-term scenarios to improve the world’s biggest cap-and-trade program set out by the European Commission in a strategy paper on Nov. 14, the document showed.

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