Duncan Welcomes Agreement on Carbon Market Reform

06-May-2015 @ 9:30

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Amjad Bashir Amjad Bashir

Amjad Bashir Amjad Bashir

Conservative Energy Spokesman Ian Duncan MEP has welcomed an agreement being reached on the market stability reserve (MSR).

Dr Duncan, who is the ECR shadow rapporteur on the MSR, had highlighted the need for a more ambitious start date than the Commission’s proposal for a 2021 start, and an innovation fund to help incentivise projects such as CCS.

Commenting after the agreement was reached between the Parliament and the Council, Mr Duncan said:

“Europe’s carbon market has been broken for too long, with the low price of carbon detracting from crucial investment in new technologies such as CCS.  The Market Stability Reserve is the first step towards fixing this.

By securing an earlier start date and an innovation fund, we can begin to clear the glut of allowances that have hampered the Emissions Trading System for years".

This deal has come as a result of intense negotiations and compromise between the Parliament and the Council.  Parliament has played it’s part but there is still work to be done to get all member states signed up."

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