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UK supports emissions trading reform

The UK has joined Germany, the Netherlands, Sweden, Denmark, Slovenia, Luxembourg, Malta and Norway in calling for a stronger Market Stability Reserve (MSR) to reform the EU Emissions Trading System (ETS).

Energy secretary Ed Davey co-signed a letter with ministers from eight other European nations, stressing the need for all sides to come together to seek an ambitious and pragmatic outcome that has majority support.

The group has called for MSR to start in 2017 instead of 2021, as this will be too late.

The letter states: “The level of surplus in the EU ETS is likely to be significantly higher [in 2021] according to market analysts, with the resulting risk that critical low-carbon investments needed this decade are further postponed into the future, increasing decarbonisation costs and further undermining confidence in the system.”

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