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EU Carbon Market Reforms Bumped to 2019

Member states in the Council of the EU reached a tentative agreement on April 29 to institute carbon market reforms on January 1, 2019. The agreement came after the Czech Republic defected from the Polish-led blocking minority that would have delayed the reforms until 2021. Due to its heavy reliance on the fossil fuel for electricity, industrial use, and domestic heating, Poland has strongly opposed reforming the current Emissions Trading System, which allows coal to be burnt very cheaply due to a surplus of carbon permits. The new reforms would establish a Market Stability Reserve, withholding surplus permits.