The European Commission confirmed on Friday that it will announce plans next week to withhold carbon allowances to support the struggling Emissions Trading Scheme (ETS), which has suffered a collapse in prices under the burden of oversupply. It has decided on a two-step process to reinforce the legality of what is meant to be a relatively quick fix to the market's weakness. Concerns about possible delays and lack of detail about next week's announcement drove ETS prices sharply lower earlier in the week. At a meeting on July 25, the EU's executive will adopt a proposal clarifying an article of the ETS law on the timing of auctions of permits.
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