October 23, 2012 / 7:46 AM / 5 years ago

EU needs swift deal on carbon market reform -draft

BRUSSELS, Oct 23 (Reuters) - A rapid rise in surplus EU carbon credits is expected to slow from 2014 onwards, but to tackle a short-term glut member states need to decide before the end of the year on reforms, a European Commission draft document said.

It also called on them to discuss and explore options for more lasting changes to shore up a market that earlier this year hit a record low.

The draft Commission report on the state of the carbon market, seen by Reuters, called on the Climate Change Committee “to decide on the proposed amendment to the auctioning regulation before the end of the year in order to provide certainty for market participants”.

The committee brings together representatives of member states as part of a fast-track process for lawmaking.

The Commission document also urged the European Parliament and the Council of member states to adopt a “mini-amendment” of the relevant law on the EU Emissions Trading Scheme to underpin the legal certainty of any reforms. (Reporting by Barbara Lewis; editing by Rex Merrifield)

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