EU cuts allowances for 2008-12 CO2 plans by 7 pct (Reuters)

[Eugene]

EU cuts allowances for 2008-12 CO2 plans by 7 pct
29 Nov 2006 11:23:06 GMT
Source: Reuters

BRUSSELS, Nov 29 (Reuters) - The European Commission demanded across-the-board
cuts on Wednesday of emissions rights that European Union states proposed to give
industry in 2008-2012.

In an effort to shore up its emissions trading scheme (ETS), the Commission said
it had lowered the allowance amount that 10 member states had proposed by almost
7 percent.

The cuts represented a 7 percent cut from 2005 emissions, it said.

"Today's decisions send a strong signal that Europe is fully committed to achieving
the Kyoto target and making the EU ETS a success," Environment Commissioner
Stavros Dimas said in a statement.

Decisions were handed down on 10 EU nations -- Britain, Germany, Greece, Ireland,
Latvia, Lithuania, Luxembourg, Malta, Slovakia and Sweden. France withdrew its plan
from consideration.

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