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High charges for carbon permits could hit european chemical companies

August 25/2011

(ICIS) -- European chemical companies could be hit by excessively high charges for carbon permits if financial speculators are allowed to distort the EUs Emission Trading System (ETS), trade group Cefic said on Thursday.


There is a danger that speculators could distort the market for Emissions Trading Permits which must be purchased by industrial consumers of energy, including the chemical sector, from 2013, according to Cefic's director general Hubert Mandery. Mandery said he is still waiting for guarantees from European Commission officials that the market will be adequately supervised.


Under the next phase of ETS, the top 10% most efficient chemical plants will be exempt from the need to purchase permits. Operators of all other facilities will need to purchase permits if they want to continue operating.


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