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Europe’s Carbon Market Fix Set for July Second-Chance Vote

The European Parliament will hold a second plenary vote in early July on a stopgap plan to bolster prices in the world’s biggest carbon market after it rejected the draft measure last month.

Representatives of political groups in the Parliament’s environment committee agreed today that the panel will give its verdict on the proposal on June 19, before a vote by the full assembly during the July 1-4 session, lawmaker Matthias Groote said. The plan to curb the oversupply of carbon permits, meant to prevent further price drops before a deeper overhaul of the cap-and-trade system, must be approved by the Parliament and national governments.