European Union carbon permits advanced for a second day before a vote next week on a change to the bloc’s emissions trading law that would enable a temporary reduction of oversupply in the cap-and-trade system.
EU allowances for delivery in December rose as much as 3.5 percent to 4.74 euros ($6.38) a metric ton and were at 4.67 euros on London’s ICE Futures Europe exchange as of 8:54 a.m. The contract extended this month’s gain to 37 percent.
The EU rescue plan for the carbon market is increasingly likely to win majority support from the European Parliament’s environment committee in a vote on Feb. 19, Matthias Groote, the lawmaker in charge of the measure in the assembly, said in an interview last week. The proposal will also need approval by the whole Parliament and member states in the next stages of the legislative process.