EU Drafts Measures to Brexit-Proof Emissions Market
- Lawmakers to propose rule on use of carbon permits after 2018
- European Parliament is due to vote on measure on Sept. 13
The Coming Storm of Climate Change
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The European Union is preparing to make its emissions-trading system immune to a supply turmoil that may happen if Brexit talks fail and the U.K. leaves the world’s largest carbon market.
The European Parliament will vote on Wednesday on a proposal that would prevent companies and airlines in the EU Emissions Trading System using carbon allowances issued by the U.K. from 2018 if the country falls out of the cap-and-trade program, according to a draft document obtained by Bloomberg News. The provision, to be sponsored by four political groups, will be submitted as part of a revision of the bloc’s carbon market law to update rules on aviation.