Italy Pushes to Suspend EU Carbon Market Ahead of Review (2)

Italy’s industry minister called for a suspension of the European Union’s carbon market until it is reviewed and overhauled, adding to the growing pressure on the bloc’s primary tool for cutting CO2 emissions.

The Emissions Trading System, “as currently designed, represents an additional tax burden on European companies, affecting their costs and limiting their competitiveness,” Industry Minister Adolfo Urso said in Brussels. Italy will ask the European Commission, the bloc’s executive arm, to suspend the market pending a “thorough revision” due to be proposed later this year.

Benchmark carbon allowances fell as much as 4.6% to €69.25 per ton as ...