Nov. 9 (Bloomberg) -- The European Parliament may decide on a draft law to help boost prices in the European Union’s carbon market in a single vote next month, according to a proposal by the head of the assembly’s environment committee.
Matthias Groote said that an accord by governments on the draft plan yesterday speeds up the process by eliminating the need to reconcile the final wording in negotiations with the assembly, according to a letter sent to parliament president, Martin Schulz. The emergency fix for the carbon market would enable temporary curbs on the supply of emission permits.
“I would like to recommend, on behalf of the Environment Committee, that the European Parliament proceed with the vote on the legislative resolution and conclude the first reading at its plenary session of 9-12 December 2013,” Groote, who is in charge of the measure in the Parliament, said in the letter, obtained by Bloomberg News.
The fast-track procedure, if approved by Schulz, would mean the measure would need approval by the Parliament at the December session and then consent from EU ministers to become law. The Parliament already had an initial vote on the market fix in July, when it amended the proposal by limiting to 900 million the number of carbon allowances that can be delayed at auctions between 2013 and 2020 to curb record oversupply.
Representatives of EU governments, which consider the proposal in a parallel procedure, decided yesterday to accept the Parliament’s amendment without changes. Since both sides agree on the wording of the draft law, no negotiations are needed on the subject, according to Groote.
Member states and the Parliament often hold such talks, known as a trilogue because they also involve the European Commission, to iron out the final version of a draft law before it’s confirmed by the assembly and ministers.
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