WIREDGOV

20 November 2013, Brussels. Today the Committee of Permanent Representatives (COREPER I) gave its consent to the agreement between the Lithuanian Council Presidency, the European Parliament and the Commission on Proposal for a Decision amending Directive 2003/87/EC clarifying provisions on the timing of auctions of greenhouse gas allowances.

According to the Minister of Environment of Lithuania Valentinas Mazuronis, the final agreement reached between the EU co-legislators on this important issue will contribute to the recovery and good functioning of the EU Emissions trading system.

“I expect that the decision we finalize today will produce right price signals for carbon market. The properly functioning EU ETS will promote reduction of greenhouse gas emissions in a cost effective and economically efficient manner. It will also drive the transformation towards the low-carbon economy and investments within the Union,” said Minister V. Mazuronis.

The EU Member States earlier this month by qualified majority accepted the single EP amendment with no other changes to the Commission proposal.

In its plenary vote on 3 July the European Parliament agreed to a single amendment to the Commission’s proposal, which conditions the adaptation of the timetable of auctions to a prior impact assessment of the risks of carbon leakage for particular sectors, such an adaptation is to take place only once, in exceptional circumstances and during the third trading period, beginning in 2013, and only for a maximum number of 900 million allowances.

On the European Parliament side, it also has to vote to endorse the agreement of both co-legislators.