French President Emmanuel Macron is right: The European Union needs to put a minimum price on carbon if it wants to reduce emissions to 40 percent below 1990 levels by 2030. But Europe’s main climate-policy instrument, the Emissions Trading Scheme (ETS), has delivered a carbon price that’s too low and too volatile to encourage low-carbon investments.

Yes, the EU in late 2017 passed some useful ETS reforms to regulate the number of carbon allowances in circulation. But the reforms are overly complicated and incomplete. And they still allow the price of carbon fall too low.

Read more at: Handelsblatt Global

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