European Parliament Votes Against Climate Measure



EU Carbon Traders
For the time being, the celebrated European cap and trade system appears to have been stuffed and mounted.

The European Parliament on Tuesday voted down a proposal to make it more expensive for companies to burn fossil fuels, in what environmental advocates are calling a major setback in the fight against climate change.

The European Commission, the EU's executive branch, had proposed measures that would have increased the price per ton of emitted carbon dioxide that companies must pay under the bloc's Emissions Trading System (ETS), which was set up in 2005.

EU lawmakers narrowly rejected the bill 334 to 315, with 63 abstentions.

The climate change warriors will have to regroup.