The European Union Emissions Trading Scheme (EU ETS), which operates across the 27 member economic bloc, is the world’s largest carbon market and, it is believed, additional liquidity provided from the integration of the US market would benefit the market and stabilise the carbon price.
“We are trying to make their trading scheme harmonized in order to have them linked in the future,” Dimas said, adding that such a connection would take at least two years to achieve.
Dimas also criticised President Bush latest State of the Union address in which he set out plans for reducing emissions without the use of a cap and trade mechanism.
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