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Published: Monday 12 August, 2013

winter wear women winter wear women EU rejects plan to make polluters pay more

European politicians have defied the European Commission to vote down controversial plans to make polluters pay more under a scheme designed to cut greenhouse gases blamed for global warming.

The European Parliament on Tuesday voted 334 against, with 315 for and 63 abstentions on a proposal to winter wear women freeze 900 million tonnes of carbon dioxide emission credits in 201315.

The European Commission EC launched the plan last year hoping the freeze would boost prices by cutting the supply of credits, thus making it financially more attractive for companies to invest in clean technology rather than continue polluting.

Analysts said a Yes vote could have seen the price of CO2 credits double, giving new impetus to the EUs Emis winter wear women sions Trading System ETS.

Instead, as news of the rejection came through, the price per tonne of CO2 slumped to 2.63 euros $A3.36 before recovering some lost ground to trade just below 3.0 euros.

Environmental group Greenpeace called the vote a historic failure, and said national governments should now act to cut greenhouse gas emissions.

The ETS was set up with the aim of cutting greenhouse gas emissions by 21 per cent between 2005 and 2020.

EU Climate Change Commissioner Connie Hedegaard said she regretted the No vote.

Europe needs a robust carbon market to meet our climate targets and spur innovation, Hedegaard said in a statement.

The EC remains convinced the plan . would help restore confidence in the EU ETS in the short term until we decide on more structural measures.

We will now reflect on the next steps to ensure that Europe has a strong EU ETS, she said. The market, the investors and our international partners are all awaiting.

Ireland, the current EU chair, said the vote was disappointing, stressing that the immediate need to address the carbon price issue in the ETS remains a clear priority.

Work on the proposal would continue, it added in a statement.

EU officials had said they expected a very close vote after the conservative European Peoples Party, the largest group in the parliament, announced it would oppose the move because it did not believe in such market intervention.

We do not want to support a new tax on industry, said EPP winter wear women member Amalia Sartori of Italy.

Under the ETS an amount of pollution credits is first allocated free of charge to companies to cover their CO2 emissions.

If their emissions exceed this level, companies can either buy more credits through the ETS or choose to invest in new technology to reduce their pollution and save money in the longerterm.

The EU initially planned to sell credits for 8500 million tonnes of carbon emissions in the period 20132019 and some officials had suggested that the freeze needed to be for 1400 million tonnes to be really effective.

Last week, the environment ministers of Britain, Denmark, France, Germany, Italy and Sweden wrote in a letter to MEPs that eight years of efforts to control CO2 emissions would be put at risk if parliament voted No. winter wear women