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Carbon Market Glut-Fix Measure Wins Backing in EU Parliament

The European Parliament approved a plan intended to reduce a record glut of permits and increase prices in the world’s biggest carbon market after they slumped to an all-time low.

European Union carbon allowances rose the most in two months after lawmakers in Strasbourg, France, endorsed a revised version of a plan known as backloading advanced by the European Commission, the region’s regulatory arm. That was the Parliament’s second verdict on the measure, which would delay the sale of some permits to support prices after it blocked the plan in April, triggering a 45 percent slump.