BRUSSELS Feb 28 The European Union's Maltese
presidency said the bloc had reached a common approach on
long-awaited reforms of the carbon market on which member states
will vote on Tuesday.
A draft text of the reform seen by Reuters calls for
strengthening the carbon price by doubling the rate at which the
scheme's Market Stability Reserve (MSR) soaks up excess
allowances and cancelling surplus permits after three years in
the reserve above a ceiling of 650 million.
In an effort to provide protection for industry, it calls
for 2 percent of the share of permits to be put up for auction
to instead be freely doled out to industry if a cap on overall
allocations that slashes free allowances across the board, known
as the cross-sectoral correction factor, is triggered.
(Reporting by Alissa de Carbonnel; editing by Robert-Jan