BRUSSELS (Reuters) - The European Commission confirmed on Friday it will announce plans to withhold carbon allowances to support the Emissions Trading Scheme (ETS) at a meeting on July 25.
At the same meeting, the Commission, the EU's executive, will adopt a proposal clarifying an article of the ETS law on the timing of auctions of permits. The steps are designed to bolster a market that has fallen to record lows.
Commission spokeswoman Pia Ahrenkilde-Hansen said the Commission would "transmit to member states a draft for a future adaptation of the timing when emissions allowances would be auctioned."