The European cap-and-trade system is the first of its kind in the world to tackle carbon emissions with free market tools...and it direly needs an update. Ian Duncan, the Parliament’s rapporteur on the project, is spearheading negotiations for urgent reforms.

reduction of gas emissions

technology

economic policy

climate change

MEPs push for carbon trading reform

https://api.multimedia.europarl.europa.eu/documents/20125/11399467/NI01-PUB-170214-EMIS-EN.srt

one of the single biggest challenges facing our planet

against a ticking clock  to try and reduce 

it is a way of encouraging a market-based solution.

you must hold a certain number of permits. 

So in the beginning, it worked very well. 

was that manufacturing itself went through a significant dip. 

and therefore didn't need the permits to allow them to emit.

So what we have today is a huge glut of permits.##@#

 what is called a Market Stability Reserve,

into which you can put the excess allowances.

Well, one of the first things we've tried to do

is to double the rate at which those allowances

a lot of post-Soviet technology to the East,

the Member States in the East to help them through that.

is that we have the structure and the mechanism;

We just haven't got the ignition key turning yet.

And until that engine starts powering the change,