EU Presidency '99% sure' it will get back-loading mandate
The Lithuanian EU Presidency expects to get a mandate to start negotiations on the back-loading proposal with the European Parliament at a meeting on 8 November, an EU Council Presidency source told ICIS on Monday.
The presidency recently said it will ask for a mandate to start informal trialogue negotiations with the parliament and the European Commission this week at the meeting of the Permanent Representatives Committee (Coreper I) – the body responsible for preparing the work of the Council.
“We very much expect we will get the mandate; we are 99% sure,” the source said.
For this to happen, the majority of EU countries – including Germany – would need to give their backing.
Once the two bodies find a compromise, the parliament’s environment committee would have to back it in the 27-28 November meeting before it is sent to plenary on 10 December. Final approval by the Environment Council would then need to be gained on 13 December for the text to become law before the end of the year.
It will then be up to the climate change committee to decide on the calendar for back-loading. That decision would then be scrutinised for three months.
According to Italian consultancy Nomisma’s carbon analyst Matteo Mazzoni, if the presidency gets the mandate, carbon prices could test the €5.50/tCO2e resistance level this week. If it does not, prices could fall below €4.00/tCO2e. “Considering that in the past few sessions many positions have been closed, operators will decide their strategies in the next few days,” he said in a note on Monday. Silvia Molteni
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