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LONDON (Reuters) - The UK’s energy and climate change secretary Ed Miliband recognized on Wednesday that the European Union’s carbon trading scheme needs to be structured in the best way possible way to ensure proper carbon price levels.
“A trading scheme is the right way to go but it is challenging when prices fall to 8 euros a (metric) ton. We need to structure it as best we can to have a proper carbon price,” the secretary told a parliamentary energy and climate change committee.
The EU’s flagship trading scheme is the 27 nation bloc’s main weapon to fight global warming. It imposes a cap on carbon emissions by factories and power plants using a fixed quota of emissions permits.
Prices for carbon permits, called EU Allowances, fell to nearly 8 euros this month as market participants monetized their assets in the economic slowdown.
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