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EU Adopts Emergency Carbon Fix Law to Curb Permit Glut

The European Union adopted an emergency law change to alleviate a record glut of emission permits in the region’s carbon market and help prices recover from near all-time lows.

EU agriculture ministers approved an amendment to authorize the European Commission, the bloc’s regulatory arm, to postpone sales of as many as 900 million carbon allowances despite opposition from Poland. The decision taken today at a meeting in Brussels was the final procedural step on the law, which will be published in the EU’s Official Journal in the coming days.