Nordics consider alternative to EU emissions trading system
The plan, which has been in preparation for over a year, is penned by Finnish businessman Jorma Ollila, who had formerly chaired Royal Dutch Shell for almost ten years and was the chairman and CEO of Nokia.
It comes at a crucial time, just as the final talks on reforming the EU's carbon trading scheme are due to take place in Brussels.
On Tuesday (27 June), representatives of the EU member states, the European Parliament and the European Commission met for one of the final meetings on how the EU’s flagship climate instrument – the EU Emissions Trading System (EU ETS) – should look in the 2021-2030 period.
But before the real talks have even started, hopes of reforming the EU system to work efficiently are fading.