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European Utilities Call for Quick Tightening of Carbon Market

  • Seven power producers seek reform to begin from 2023
  • EU in July to unveil biggest overhaul of carbon market to date
Photographer: Benjamin Girette/Bloomberg

Seven of the European Union’s leading energy producers called on policymakers to agree to an ambitious and fast reform of the world’s largest carbon market in a bid to help investors in the transition to climate neutrality.

Companies including Electricite de France SA, Statkraft AS and Fortum Oyj -- which have big nuclear and hydropower fleets -- want a special mechanism that controls oversupply in the EU’s Emissions Trading System to retain stricter parameters beyond 2023, according to a joint statement. They also want EU legislators to agree a faster pace of emissions-reductions in the carbon market from 2023.