Europe needs a degree of CO2 certificate backloading - Merkel

Reuters

HANOVER, Germany, Oct 16 (Reuters) - German ChancellorAngela Merkel said on Wednesday that Europe needed a certaindegree of backloading for CO2 emissions certificates, showingmore explicit support than previously for an EU proposaldesigned to lift carbon prices.

"We need a degree of backloading of CO2 emissions so thatthe certificate price can reach a reasonable level again,"Merkel said at a union event in the western city of Hanover,ading the European Union also needed a CO2 goal for 2030.

German support for the European Commission's backloadingproposal to temporarily withdraw 900 million allowances from themarket is crucial for the law to pass. But the plan has stalleddue to lengthy negotiations between German political partiesabout forming a new government after last month's election.

The EU benchmark carbon price was up nearly 8percent at 5.35 euros a tonne at 1301 GMT, shortly afterMerkel's comments.

Rates

View Comments (0)