A changing carbon market climate

The framework for the Third Phase (2012-2020) of the European Union (EU) Emissions Trading Scheme, published in January, has met with a favourable response from most carbon market participants. But while the majority are happy with the new targets and capping system, there is disagreement over the new auctioning plans and disappointment that clarity on carbon leakage won't come sooner.

The Phase Three proposals set new, tougher emissions targets and scrap national allocation plans in favour of

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