European Parliament rejected backloading
On 16 April, the European Parliament voted to reject a proposal to “backload” 900 million carbon allowances, as a way to temporarily revive the EU Emissions Trading Scheme (ETS).
The proposal lost by only 19 votes (315 to 334). However, Parliament also voted to send the proposal back to the Environment Committee for further discussion. The Environmental Committee will then vote on an adjusted backloading proposal on 19 June followed by a full parliament vote expected at the beginning of July.
After the vote, carbon prices fell to a record low of €2.7 per tonne, less than a third of the price compared to when the Commission originally presented the proposal.
Source: ENDS Europe Daily 16 April 2013