September 13, 2017 / 10:45 AM / 6 months ago

EU Parliament moves to guard carbon market from Brexit

BRUSSELS (Reuters) - European Parliament adopted a plan on Wednesday to guard the carbon market in case of a breakdown in Brexit talks, which they fear would crash the price of tradable emissions permits.

Lawmakers voted 601 to 69 in favour of an amendment, which part of a move to extend the exemption of international flights from the EU’s cap-and-trade system pending the adoption of last year’s United Nations deal on tackling aircraft emissions.

It would void all permits in the EU’s Emission Trading System (ETS) issued by a country leaving the bloc should the European Union and Britain not reach trade agreement before its exit date in late March 2019.

The measure aims to guard against a sudden selloff by British utilities, among the largest buyers of the permits to pollute, flooding the market.

Reporting by Alissa de Carbonnel and Julia Fioretti

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