EU looks to reform emissions trading scheme with price at 8 euros/tonne as Ontario plans for $300/tonne

The European Union remains convinced low pricing for emissions (~8 euros a tonne) is a problem that needs to be addressed.

Australia recently bailed on implementing its own, expensive, carbon tax by joining the cheap EU ETS scheme.

In a recent original content article, I calculated the emissions cost of Ontario's feed-in-tariff for renewables combined with Net Revenue Requirement at ~$300 a tonne.

Perhaps we too should join the EU ETS

UPDATE 3-EU needs to decide carbon reform 'without delay'-draft | Reuters: 

BRUSSELS, Oct 23 (Reuters) - A rapid rise in surplus EU carbon credits is expected to slow from 2014 onwards, but to tackle a short-term glut member states need to decide before the end of the year on a temporary fix, a European Commission draft document said.
The draft report on the carbon market also called on the member states to discuss and explore options for more lasting changes to the Emissions Trading Scheme (ETS) after allowance prices hit a record low in April.
It urged the Climate Change Committee "to decide on the proposed amendment to the auctioning regulation before the end of the year in order to provide certainty for market participants".

Read the full article at Reuters: