LONDON’S Green MEP Jean Lambert has called for ‘urgent and serious revision’ to the EU’s emissions trading scheme (ETS) after it emerged that a recent drop in the carbon ‘price’ placed the entire scheme at risk of collapse.

“The EU’s flagship climate change policy is at risk of total collapse,” she said.
“Despite more than a year of dramatic warnings about the sinking carbon price in the emissions trading scheme, prevarication by EU policy makers has pushed the ETS to the brink.”

She called on fellow MEPs to reject EU plans to save the system by postponing the auction of new pollution permits – thus hoping to push the price polluters must pay higher.

“The trouble with postponing any new pollution permits – rather than scrapping them entirely – is that they’ll have to come back later: and that would be like pouring water back into an already overflowing bathtub.”

Euro-MPs are currently in the process of deciding whether or not to approve the Commission proposal, and will vote on the postponement in the key environment and energy and industry committees in coming days.

Ms Lambert added: “The EU ETS is the cornerstone of EU climate change policy, but it clearly isn’t doing the job – climate change is getting worse in Europe, affecting more people every year – and now even the ETS is in danger of collapse.

“If we are to continue down this road the ETS needs serious revision – and the EU Commission proposals certainly doesn’t suggest that!”