The European Parliament rejected the new bill to trade in CO2 emissions

The European parliament on Tuesday rejected the proposal of the European Commission to change the procedure for trading emissions of CO2 and the functioning of the hydrocarbon market in Europe, sending it to the improvement committee on the environment.

This decision is welcomed by the manufacturers of the European Union, the Eurofer Association is noted. "The decision -making would cause an irreparable blow to the existing EU emission scheme (ETS). The commission should not interfere in the functioning of the market. ETS mechanisms are the only working part of European climate policy," said Gordon Moffat, General Director of the Association.

The European Commission has developed a new mechanism for the distribution and trade of quotas in the hydrocarbon market, pursuing the goal of reducing CO2 emissions by 20 percent until 2020. However, the proposed scheme, according to Eurofer, would lead to a significant rise in price quotas and did not leave a different output to metallurgical companies than to transfer production capacities to other countries.