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Brexit turmoil unsettles Europe’s carbon market

March 19, 2019 by maitreyi.karthik@climate-connect.com

(Source: Bloomberg) Britain’s maneuvering on how to leave the European Union is starting to unsettle the region’s carbon market.

The European Commission on Monday vowed to “do its utmost” to protect the integrity of the emissions trading system, which could be flooded with unneeded permits if the U.K. crashed out of the EU without a deal leaving companies there holding carbon credits they no longer need.

The latest ripple in the market followed an announcement from the U.K. last week it would extend by 11 days the compliance date for its emitters in the EU cap-and-trade program. That breaches a deadline under a deal the EU struck in November 2017 that was designed to insulate the carbon market from a no-deal Brexit — a pact that itself required several weeks of heated political debate. Read full article….

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