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EU Carbon Market Fix Bolstered by Accord Before Committee Vote

An early start of a mechanism to help boost European carbon prices is more likely to win support from lawmakers in Brussels on Tuesday after the two largest parliamentary groups agreed on the measure.

The European Parliament’s environment committee is scheduled to vote after 3 p.m. in Brussels on a draft law to implement the carbon-market stability reserve, which would curb a glut of permits in the EU emissions trading system. Christian Democrats and Socialists said Monday they would support a set of amendments presented by lead lawmaker Ivo Belet to bring forward the reserve to 2018, three years earlier than proposed by the European Commission.