Teyssen deplores politicians' failure to uphold ETS

The head of E.ON (FWB: EOAN) has been heavily critical of European politicians for their failure to maintain the EU emissions trading system (ETS).

Speaking to Suddeutsche Zeitung, Johannes Teyssen said that anyone who claims Europe is a pioneer of climate protection "should be ashamed.

Johannes Teyssen of E.ON Earlier this month the scheme was thrown into crisis as MEPs voted narrowly to block reforms designed to push up the price of carbon allowances.

The parliament voted by 334-315 to reject the proposed 'backloading' plan, which was designed to tackle the chronic oversupply in the market by withholding the auctioning of 900 million carbon allowances that are due to be released later this year.

Teyssen is demanding urgent action to revive the ETS, which was designed to protect the environment by making low carbon investment more competitive.

"European emissions trading is a patient on his deathbed; either we cure him quickly, or he dies," said Teyssen. "And that would have unpredictable negative consequences, not only for climate protection."

With pollution rights so cheap, said Teyssen, "money flows back into an economy that is supposed to soon be history."

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