EU Commission urges swift action to support carbon market

Provided the proposal to withdraw temporarily some of the surplus of permits on the EU Emissions Trading Scheme (ETS) is supported, the Commission could begin holding back carbon allowances in the first carbon permits auctions after the August recess.

"I urge the member states and the European Parliament to act swiftly and with determination," Commission spokesman Isaac Valero-Ladron said, when asked about the falling price of allowances to a record low on Monday -- less than five euros per tonne.

(Reporting by Barbara Lewis, Ethan Bilby; editing by Rex Merrifield)