European Union carbon permits fell, snapping a three-days advance, after lawmakers from the biggest group in the European Parliament proposed to block a plan to bolster prices in the bloc’s emissions market.
Allowances for December 2013 lost as much as 2.4 percent to 7.20 euros ($9.48) a metric ton on the ICE Futures Europe exchange and were at 7.21 euros as of 4:30 p.m. in London.
European People’s Party lawmakers Lena Kolarska-Bobinska and Herbert Reul proposed the industry committee in the region’s parliament reject changes to the EU carbon trading law that would enable curbing oversupply of permits, according to an amendment obtained by Bloomberg News.
The change of the EU emissions legislation is the first element in a plan drafted by the European Commission, the bloc’s regulatory arm, to delay auctions of 900 million permits in the three years through 2015. The EPP group has 270 members in the 754-seat Parliament, according to its website.
United Nations Certified Emission Reduction offsets rose as much as 19 percent to 50 euro cents and were at 43 euro cents as of 4:20 p.m. in London.